Downtown Boston Nicholas Erwin/Flickr

静悄悄的金融革命开始了

拉古娜海滩—金融服务业——我们所有人都与它有往来,不管是借款人、储蓄者、投资者还是监管者——已经进入了为期多年的转型,这是一个稳定的、无可争议的趋势。这一过程一开始很慢,它是由两大持久力量的合力推动的。

一方面,至上而下因素——监管变化、反常定价和努里埃尔·鲁比尼(Nouriel Roubini)巧妙提出的“流动性悖论”——在起作用。还有自上而下的破坏性影响:客户偏好的变化,以及更重要的,寻求改变和现代化金融业的外部远见者。

从顶层开始,监管趋势仍然倾向于加紧对传统金融机构的监督,特别是被认为“具系统重要性”的大银行和保险公司。此外,重新设计的监管框架、阶段性实施和监督升级将逐渐扩大到其他细分领域,包括资产管理领域。这将导致被监管部门内部去风险化的进一步普及,并成为金融部门通往“公用设施模型”(utilities model)的更广大的趋势的一部分。这一公用设施模型强调增加资本缓冲、减少杠杆、增加披露、更严格的经营指引和大大加强监督。

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