Economist Shayne Heffernan on Dodd-Frank, The Volcker Rule and Why Asia will be World's Finance Capital
Financial Institutions around the world and especially those in Europe and the USA face a crucial set of choices about the future of their institutions.
Western Governments are riddled with debt and their only way out is decades of austerity and taxes, but the new world is a mobile world, globalization has set limits on how much a government can impose it's will on the corporations and citizenry of a nation. Excess taxes and austerity will lead to a mass financial migration to emerging markets.
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Having spent most of my life in Asia, I can not remember a time when so many individuals and corporations from the USA were setting up their business and lives here.
The USA Institutions are facing the biggest challenges, having survived the 2008 crisis many are now turning in good performances, however they remain stuck in a slow economy hampered by ridiculous Dodd-Frank legislation.
At the same time the Obama administration is making it even harder for them to survive in the markets Dodd-Frank has left available.
These institutions will not be crippled by the legislative climate of the USA, Instead the will reinvent themselves as global finance houses. There are of course some selective growth opportunities across the major lines of business in the USA. To rise to the challenge and capture selective growth, bankers will need to be far more innovative in restructuring their business lines and more surgical in tapping revenue opportunities and managing risk.
Financial Institutions from Wall St will join with manufacturers and service providers and seek lower taxation and better prospects in emerging markets.
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