Dodd-Frank: the Beginning of the End or Just the End of the Beginning?
An interesting recent article from the Washington Post, graphically illustrating the high viscosity of Dodd-Frank implementation.
The article points out that of the 398 rules required by the bill only 153 have been finalised, 117 have been proposed but not finalised and 128 have not yet been proposed. It also breaks down the (lack of) progress by sector, with banking regulation particularly lagging behind the curve. Highlighting the “delay and defang” tactics of well-funded litigious financial lobbyists, it makes a brief case that banks may be better off with the Dodd-Frank devil they know.
On a related note, a reminder that yesterday 10 June 2013 was the deadline for mandatory clearing by D-F Category 2 entities (securitisation vehicles, insurers, investment funds and non-swap dealer financial institutions). The week’s SDR volume data is expected to make interesting reading.