New Barbarians at the Gate
Traders Magazine, August, 2008 by Stephen J. Nelson
Traders enjoy complaining about regulation and are justified in doing so. There is hardly any action that a trader can take during the day, no matter how basic, that is not the subject of some regulation. And, with every regulation, there is a cost. We lawyers may commiserate with our clients about regulation, but regulation is good for us.
Heavily regulated industries need lawyers to help decipher their responsibilities and defend them when they run afoul of the regulations. Complex regulation requires smarter and higher-priced lawyers.
As much as traders complain about regulation (and lawyers), however, the truth is that the financial services industry receives one enormous benefit from regulation. Regulation offers a competitive advantage to the regulated. The...
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