But what is risk”? Given all the attention “systemic that policymakers have focused on stopping it, you might expect the term to be well understood. In fact, it is not. A report from a bipartisan think tank in Washington, DC offered not one definition, but 10 each different from the other in some — significant way. Here is a definition that did not make that list: one economist says that systemic risk seems to be a bag of scenarios,” however improbable they “grab may be, are supposed to rationalise” more “that and more intervention by banking regulators in capital markets. No matter what the definition, ICI and ICI Global are vigorously opposing this notion that regulated funds or managers should be subject to SIFI designation. Before I get into the details of our case, let me make two overarching points. this is not a debate about versus “regulation” regulation.” The fund sector around the world “no
But what is “systemic risk”? Given all the attention that policymakers have focused on stopping it, you might expect the term to be well understood. In fact, it is not. A report from a bipartisan think tank in Washington, DC offered not one definition, but 10 — each different from the other in some significant way. Here is a definition that did not make that list: one economist says that systemic risk seems to be a “grab bag of scenarios,” however improbable they may be, “that are supposed to rationalise” more and more intervention by banking regulators in capital markets. No matter what the definition, ICI and ICI Global are vigorously opposing this notion that regulated funds or managers should be subject to SIFI designation. Before I get into the details of our case, let me make two overarching points. this is not a debate about “regulation” versus “no regulation.” The fund sector around the world
DUFAS_Waters_Speech_FINAL.docx