Downtown Boston Nicholas Erwin/Flickr

Services financiers : la révolution silencieuse est en marche

LAGUNA BEACH – Progressivement et indiscutablement, le secteur des services financiers – avec lequel nous interagissons tous, que ce soit en tant qu’emprunteur, épargnant, investisseur ou régulateur – est entré dans une phase de transformation vouée à s’étendre sur plusieurs années. Ce processus, lent dans un premier temps, résulte de l’impact combiné de deux ensembles de forces durables.

D’un côté, un certain nombre de facteurs verticaux descendants sont à l’œuvre – changements réglementaires, prix inhabituels, ou encore « paradoxe de la liquidité », pour reprendre la formule judicieuse de Nouriel Roubini. De l’autre, plusieurs influences perturbatrices se propagent de manière ascendante : évolution des préférences des consommateurs, et, plus important encore, présence de visionnaires extérieurs cherchant à transformer et à moderniser le secteur.

En commençant par le sommet, notons que le pendule réglementaire balance encore aujourd’hui du côté d’un resserrement de la supervision des institutions financières traditionnelles, et notamment des grandes banques et sociétés d’assurances jugées « importantes sur le plan systémique ». En outre, reconception des cadres réglementaires, échelonnement des mises en œuvre, et supervision accrue sont vouées à s’étendre progressivement à d’autres segments, parmi lesquels la gestion d’actifs. Ceci devrait contribuer à généraliser encore davantage les démarches de réduction des risques au sein des secteurs réglementés, dans le cadre d’une plus large orientation du secteur financier vers un modèle de type « services publics », axé sur de plus épais matelas de capitaux, un moindre endettement, une plus grande transparence, des directives opérationnelles plus strictes, ainsi que sur une surveillance bien supérieure.

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