Systemic risk has emerged as a critical challenge for central bankers, regulators, asset owners and managers. While the influence of the phenomenon is well understood, systemic risk is often virtually invisible until it erupts into widespread market dislocation. New regulatory standards, oversight bodies and quantitative research approaches seek to moderate its influence and stabilize global markets.
The financial crisis has triggered a series of regulatory initiatives that are set to influence the competitive landscape for European asset managers. While pre-crisis regulation emphasized market efficiency, many of the new measures are focused on investor protection. The pace and rigour of these developments may increase complexity and cost for asset managers, with potential implications for how they structure their businesses and plan strategy. This Vision Focus paper is the second in a series of three reports on European investment management.
In “The Evolving Role of Technology in Financial Services,” State Street’s experts examine the use of technology across analytics, electronic trading and regulation, and portfolio allocation and modeling.
Across the Asia-Pacific region, interest is growing in the cross-border recognition of registered funds, which would give investors access to a broader range of locally manufactured and regionally distributed products. Bringing such an Asian Funds Passport regime to fruition could yield significant benefits, but would require unprecedented cooperation among a fragmented and largely emerging market. This Vision Focus paper explores the challenges and opportunities associated with creating an Asia-Pacific passporting vehicle.