Korea's Big Bang splutters

Korea's Capital Market Consolidation Act is effective from today, but the timing could hardly be worse.

Today marks Korea's Big Bang, as the Capital Market Consolidation Act, which is meant to revolutionise the country's financial markets, is finally implemented. But don't expect too many fireworks.

The decline then death of the US investment banking model, which had inspired the Act's many drafters, will mean a search for a new prototype. While the demonization of derivatives and structured products, widely blamed for the global financial meltdown, must make regulators and legislators wonder why...

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