One of the most influential financial trade bodies in the US has warned the country's lawmakers and regulators of the possible unintended consequences of implementing the Dodd-Frank Act, arguing that the new legislation may impede the ability of banks to access capital and force higher trading costs on investors.

The Securities Industry and Financial Markets Association, which represents over 200 US banks, trading firms and asset managers, last week issued a report arguing that the risk of unintended consequences for investors and the US economy as a result of financial reform was "significant" and could have "substantial negative effects".