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Alan Brown, chief investment officer, Schroders

1) What is the single most damaging unintended consequence of this year's wave of regulation? 
It is hard to pick just one! However, Centralised Clearing has the potential to make risk reducing hedging transactions by low risk participants such as pension funds prohibitively capital intensive and expensive. The devil is always in the detail, but it may also, if we move to gross margining, change the entire profit dynamic for investment banks. If that happens, then potentially liquidity in the derivatives markets could be severely damaged with possible knock on implications for the cash markets.
2) How far along the path to recovery are we? 
The UK had six quarters of decline and has now had four quarters of recovery (through the end of Q3). An IMF study in 2009 shows that this is quite typical for a synchronised financial crisis. On average, the period of decline runs for seven quarters, and so does the recovery. If we follow that pattern, we will get back to where we started in GDP terms in about another year. But this crisis may have longer-term consequences for trend growth rates through enduring damage to the capital formation process.

Financial News asked senior figures from across the asset management industry for their opinions on the unintended consequences of the latest regulations and the path to economic recovery.

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Lauren Willington

Ex-Fidelity star Anthony Bolton warns US stocks will have ‘day of reckoning’

JPMorgan AM ups headcount 20% in European ETF push

Why are women over 50 quitting fund management?

Trading Places: Goldman’s ECM shake-up, Latham’s latest raid

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Find out who is on the move in the City and beyond this week

Sidley Austin raids Latham & Watkins for 10-lawyer team in London

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CDPQ hires Sharon White to lead push in Europe

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Former chair of the John Lewis Partnership is joining the Canadian pension fund giant early next year

One of the top investors in Adani Group launched an on-market share buyback to protect its share price against the contagion from a U.S. investigation into the Indian conglomerate.

GQG Launches Buyback After Stock Tumbles on Adani Probe

The president-elect floated the idea during a Wednesday meeting with the former Fed governor.

By Brian Schwartz, Vivian Salama and Andrew Restuccia

Trump Considers Warsh Serving as Treasury Secretary—and Then Fed Chair

The U.S. auditing watchdog voted to require certain audit firms to disclose eight new metrics ranging from auditor turnover to partner involvement and restatement history.

Large Accounting Firms Will Have to Submit Financial Statements to U.S. Regulator

The AI titan will maintain its strong lead, but complicated product rollouts, sky-high expectations and the China threat add complications to growth potential.

Nvidia Is on Top but Does It Have Anywhere to Go but Down?

Research group GfK’s measure of consumer confidence climbed to minus 18 in November’s survey from minus 21 in October.

U.K. Consumers Cheerier Ahead of Holidays as Budget, U.S. Election Jitters Fade

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