美国金融改革法案对投行业务及衍生品市场影响研究

Research of American finance reform bill's influence on investment business and Derivatives

次贷危机后美国大型银行补充了大量的资本金,法案可能导致的投行、商行业务分离并不会导致美国大型银行的资本金不足,但是,融资成本的提高会使其在一定程度上丧失相关业务的定价优势。同时,法案在加强衍生品市场的交易管理,提高透明度的同时,可能对利润空间及流动性产生负面影响。

The study suggests that the financial-reform bill may lead to the investment banking being separated from commercial banking,but it will not lead to capital insufficiency in big America banks because these banks have increased their capital after subprime crisis.But,in some extent,the increased financing cost will result in the American banks losing their competitive advantages in pricing of related businesses,such as derivatives.And then it will lead to customer churning.At the same time,although the new requirements on supervision will strengthen the transaction management of derivatives market and increase market transparency.It may have passive effects on derivatives transaction profit space and market liquidity.