Downtown Boston Nicholas Erwin/Flickr

El comienzo de la revolución financiera silenciosa

LAGUNA BEACH – Ininterrumpida e indiscutiblemente, el sector de servicios financieros –con el que todos interactuamos, como prestatarios, ahorristas, inversores o reguladores– se ha embarcado en una transformación que llevará varios años. Este proceso, inicialmente lento, se ha visto impulsado por el impacto combinado de dos conjuntos de fuerzas duraderas.

Por una parte, entran en juego factores verticalistas: cambios regulatorios, una fijación inusual de precios y lo que Nouriel Roubini inteligentemente bautizó como la «paradoja de la liquidez». Por otra parte, se filtran desde abajo influencias disruptivas: cambios en las preferencias de los clientes y, lo que es más importante, visionarios ajenos al sector que intentan transformarlo y modernizarlo.

Entre las decisiones que llegan desde arriba, el péndulo regulatorio aún oscila hacia una supervisión más estrecha de las instituciones financieras tradicionales, especialmente de los grandes bancos y empresas aseguradoras considerados «sistémicamente importantes». Por otra parte, el rediseño de los marcos regulatorios, la implementación por etapas y la intensificación de la supervisión se extenderán gradualmente a otros segmentos, incluida la gestión de activos. Esto contribuirá a ampliar la reducción del riesgo en los sectores regulados en términos generales, como parte de un movimiento más amplio del sector financiero hacia un «modelo de utilidades» que enfatiza grandes amortiguadores de capital, un menor apalancamiento, una mayor divulgación de información, lineamientos operativos más estrictos y mucha más supervisión.

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