Regulatory Changes Impact Overview

Temporary or Permanent Changes Higher Capital requirements are permanent OPPENHEIMER Volcker Rule will permanently eliminate certain risks from Commercial Banks (alternative investment sponsors, trading of high risk investments) Centralization of Derivatives will reduce profitability and thus liquidity of more exotic forms Inability or unwillingness to pay employees competitively will see migration of talent Lack of profitability will raise Cost of Capital AML will continue to impact less developed markets and citizens 10

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