As regulators in the US and Europe push ahead with stringent new rules for financial services firms, it is becoming increasingly evident that the industry will not bear the cost of these new requirements alone. The carmakers, airlines, building companies, pharmaceutical firms and exporters are in for a shock too, say industry experts.

Richard Raeburn, chairman of the European Association of Corporate Treasurers, said: "Corporates should not underestimate the impact that global financial services regulation will have on their businesses."