Regulatory Changes Impact Overview

U.S. Markets & Market Players Volcker Rule will drain liquidity Risk Tolerance will be less - JP Morgan $5.7 bn loss - Barclays & LIBOR Issues OPPENHEIMER - European Banks may depart due to capital constraints Talent will leave more regulated players and migrate to less regulated (inability & unwillingness to pay) - Major Banks will be less impactful - Hedge Funds, Financial Sponsors, Private Equity will benefit 9

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