{"id":570667,"date":"2020-04-09T04:40:12","date_gmt":"2020-04-09T04:40:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/a-decade-of-de-risking-banks-has-made-financial-markets-more-risky\/"},"modified":"2020-04-09T04:40:12","modified_gmt":"2020-04-09T04:40:12","slug":"a-decade-of-de-risking-banks-has-made-financial-markets-more-risky","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/a-decade-of-de-risking-banks-has-made-financial-markets-more-risky\/","title":{"rendered":"A decade of de-risking banks has made financial markets more risky"},"content":{"rendered":"

Risk is energy, and it\u2019s now moving from banks to money markets: <\/strong>The shadow of the financial crisis is looming over the covid-19 fallout as efforts aimed at making banking safer \u201cmay instead have conspired to make it more brittle,\u201d Robin Wigglesworth writes for the Financial Times<\/a>. Since the big banks were bailed out during the 2008 crisis, policymakers vowed not to do it again. Regulators instead imposed stricter capital requirements on banks, limiting their ability to engage in \u201cproprietary\u201d trading, or buying and selling equities and bonds using their own money to build up capital in the economy.<\/p>\n

As a result, the role of banks as market makers started to diminish,<\/strong> and they began looking up to brokers, who are particularly astute in their ability to make a quick buck. While this shift made banks less exposed, it was accelerated by digitization and algorithms and quickly transferred risk to the now liquidity-starved global financial markets.<\/p>\n

Market watchers have previously warned:<\/strong> The shift in the role of banks from institutions that help others raise financial capital to mere intermediaries will amplify any post-2008 economic crisis, says a 2018 piece<\/a> by Wigglesworth and FT banking editor Ben McLannahan. This is because frantic attempts to eliminate leverage from the economy<\/p>\n

The situation may be described by future economists as a modern-day \u201ccobra effect,\u201d<\/strong> which is quite the anecdote for why well intentioned economic policies could have a few undesirable side effects, says Wigglesworth. The cobra effect was coined in a 2001 book by German economist Horst Siebert, which uses a story from British colonial rule in India. Back then, the ruling class in Delhi attempted to counter an outbreak of cobras by paying out cityfolk for every snake head they delivered. This led the locals to start breeding snakes as a side hustle, which resulted in an even larger cobra infestation when the British called off the scheme.<\/p>\n","protected":false},"excerpt":{"rendered":"

Risk is energy, and it\u2019s now moving from banks to money markets: The shadow of the financial crisis is looming over the covid-19 fallout as efforts aimed at making banking safer \u201cmay instead have conspired to make it more brittle,\u201d Robin Wigglesworth writes for the Financial Times. Since the big banks were bailed out during […]<\/p>\n","protected":false},"author":1,"featured_media":570668,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[204,102,72,164,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-banking","tag-capital-markets","tag-enterpriseam","tag-equities","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"121981d1-e476-4460-b492-8cc7dac28af2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/92.jpg","photo_position":"above","related_issue":[570654],"teaser":"","voice_url":""},"yoast_head":"\nA decade of de-risking banks has made financial markets more risky - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/a-decade-of-de-risking-banks-has-made-financial-markets-more-risky\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A decade of de-risking banks has made financial markets more risky\" \/>\n<meta property=\"og:description\" content=\"Risk is energy, and it\u2019s now moving from banks to money markets: The shadow of the financial crisis is looming over the covid-19 fallout as efforts aimed at making banking safer \u201cmay instead have conspired to make it more brittle,\u201d Robin Wigglesworth writes for the Financial Times. Since the big banks were bailed out during […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/a-decade-of-de-risking-banks-has-made-financial-markets-more-risky\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-09T04:40:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/92.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/a-decade-of-de-risking-banks-has-made-financial-markets-more-risky\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/a-decade-of-de-risking-banks-has-made-financial-markets-more-risky\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"A decade of de-risking banks has made financial markets more risky\",\"datePublished\":\"2020-04-09T04:40:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/a-decade-of-de-risking-banks-has-made-financial-markets-more-risky\/\"},\"wordCount\":325,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/a-decade-of-de-risking-banks-has-made-financial-markets-more-risky\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/92.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"capital markets\",\"EnterpriseAM\",\"equities\",\"THE MACRO PICTURE\"],\"articleSection\":[\"THE MACRO PICTURE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/a-decade-of-de-risking-banks-has-made-financial-markets-more-risky\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/a-decade-of-de-risking-banks-has-made-financial-markets-more-risky\/\",\"name\":\"A decade of de-risking banks has made financial markets more risky - 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Mobile operators are perfectly positioned\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/33.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596783,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/emerging-markets-to-reap-the-benefits-of-a-fed-rate-cut-bloomberg-survey\/","url_meta":{"origin":570667,"position":3},"title":"Emerging markets to reap the benefits of a Fed rate cut -Bloomberg survey","author":"enterpriseam admin","date":"8 July 2019","format":false,"excerpt":"Emerging markets to reap the benefits of a Fed rate cut -Bloomberg survey: Emerging market equities, bonds, and currencies will reap the benefits if the world\u2019s major central banks go ahead with expected rate cuts, according to a quarterly poll of 42 fund managers, traders, and strategists conducted by Bloomberg.\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/2360.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572392,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/23\/em-central-bankers-starting-to-become-fond-of-quantitative-easing-policies\/","url_meta":{"origin":570667,"position":4},"title":"EM central bankers starting to become fond of quantitative easing policies","author":"enterpriseam admin","date":"23 June 2020","format":false,"excerpt":"Nearly a dozen emerging-market central banks are starting to become fond of quantitative easing, a practice traditionally limited to the developed world, says the Financial Times. 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A fundamental transformation of the global financial system may be underway as the adoption of digital currencies gains traction among governments and central banks across the world, Dave Michaels and Paul Vigna write\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/258.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570667","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=570667"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570667\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570654"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570668"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570667"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570667"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}