It has taken time to implement this plan, but the las vegas free slots bonus new rules are now coming into force.
Even so, it will still be possible for investment banks to make money.
The intention was to guard against default, improve transparency, keep down prices and allow regulators to monitor risk.
Banks, as underwriters of new bond issues, control the distribution of assets that buy-side firms are keen to get hold of, so asset managers do not want to alienate them.In March Mercuria, a Swiss firm, agreed to buy JPMorgan Chases physical-commodities unit for.5 billion.Before the crisis, primary dealersmainly the big investment banksheld bonds worth some 250 billion, or roughly 4 of the American market, according to the Federal Reserve Bank of New York.BlackRock, the worlds biggest asset manager, attempted something of that sort with a trading platform it set up in 2012.Not all derivatives are sold over the counter; there are lots of exchanges dealing in commodity futures and options, for example.The volume of trades has risen steeply but the margins have become much thinner.Trading in shares went the same way a long time ago; currencies and commodities have gradually followed suit.In 2009 the governments of the G20, a club of the worlds biggest economies, resolved to standardise the most common sorts of OTC derivatives contracts, such as interest-rate swaps, so that they could be traded on exchanges and processed by clearing houses.Second, they have to hold more capital against each dollar at risksometimes six or seven times more than before the crisis, say aggrieved bankers.Since the potential movement in the price of the underlying asset (in this instance, the floating-rate bond) is often theoretically limitless, so are the potential losses for one of the two parties.All of which must make it especially galling for bankers that regulators want to take the business away from them.And third, they have to observe a new limit on their overall leverage (the ratio of capital to assets).How far can such efforts go?But even if change takes time, the evolution under way is clearly altering the banks role.As with lending and payments, various other financial institutions are trying to capitalise on the restrictions placed on banks trading operations.According to the Bank for International Settlements, the notional value of all OTC derivatives contracts outstanding is almost 700 trillion.With time, optimists hope, hedge funds, high-frequency traders and other speculators might supplant banks as market-makers.And because the bond market has grown in the meantime, their share amounts to only.5 of the market, the lowest proportion that has ever been recorded.Trading derivativescontracts whose value fluctuates with the price of an underlying assetis a vast business.And bankers argue that when markets are falling, the buy-side uniformly wants to sell, so banks or other market-makers are needed to provide a price.
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