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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

Is TikTok an unregistered crypto exchange? Yes, this compliance expert tells the FCA

FCA plans ‘name and shame’ case studies as landmark reforms take shape

FN100 Women: Meet Europe’s top regulators

Former Goldman Sachs executive Amar Kuchinad joins crypto firm Copper as CEO 

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Former Goldman Sachs MD Amar Kuchinad joins crypto firm Copper as CEO

Dmitry Tokarev has stepped back from his role as chief executive after seven years

Kirkland loses regulatory partner to Paul Weiss 

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Kirkland has been raided by Paul Weiss since it kicked off its English law offering last summer

BNP Paribas dealmaker McNaught departs in UK advisory shake-up

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The French bank has added a further two managing directors amid reshuffle in UK deals team

The regulator’s former enforcement director becomes a partner at Milbank after three years pushing fines higher at the SEC.

SEC’s Grewal Moves to Wall Street After Turning Tough as Its Overseer

Inflation in the U.K. fell below the Bank of England’s 2% target in September for the first time in more than three years, making an interest-rate cut next month more likely.

U.K. Inflation Falls to Below BOE Target, Setting Up Rate Cut

The regulator said it is concerned that the part of the market that allows people to pay for insurance in installments might not be providing fair value to more than 20 million customers.

U.K. Regulator Starts Review Into Motor and Home Insurance Market

Fate of Lina Khan’s Bid to Reshape Antitrust Comes Down to Election

Chinese stocks have gone from ice-cold to red-hot in a matter of weeks, but it might be driven by momentum rather than enough stimulus to solve China’s economic woes.

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