On the website today, we pubilshed a story about how swaps could risk having its market structure collapsing if upgrades aren't done to the IT systems. Which brings to mind an important question - to what extent does new regulation and protocols affect infrastructure?
Or actually, do regulators and politicians take into account the changes, and costs, companies have to absorb if new regulations result in inadequate systems to cater for a new regime?
And to extend the question further, are compliance costs genuinely factored in when lawmakers decide on policy?
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