Copying and distributing are prohibited without the permission of the publisher. If you wish to distribute this content please contact Christopher Hunt (firstname.lastname@example.org) for a quote.
Subscribe today: Order Euromoney by contacting us on +44 (0)20 7779 8999 (UK) or +1 212 224 3570.
The recently discovered regulatory zeal for a focus on gross leverage ratios at banks, rather than capital assessed on risk-weighted assets, is creating a new set of problems for some of the biggest dealers. Barclays and Deutsche Bank in particular have been put on the back foot by the regulatory bait and switch, which comes at an awkward time – just as key engines of their profitability, such as rates trading, are sputtering.