Post-crisis capital regulations and new failure-resolution rules
increased the funding costs that are borne by bank shareholders,
and thus the cost to buy-side firms for access to space on the
balance sheets of large banks. A policy implication is the
encouragement of market infrastructure and trading methods that
reduce the amount of space on bank balance sheets that is needed to
conduct a given amount of trade. Using models and evidence, this
book addresses the implications for financial-market liquidity of
these regulations for systemically important banks and argues that
current rules do not allow for potential levels of market
efficiency and financial stability. In this insightful analysis of
the impact of regulation on financial market efficiency post-2008,
the author argues that bank capital levels could actually be pushed
higher while still improving the liquidity of markets for safe
assets such as low-risk fixed-income instruments by relaxing the
leverage-ratio rule and increasing risk-based capital requirements.
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