Global financial system in danger of fragmentation

Peter Sands, group CEO of Standard Chartered, says the world’s financial system is in danger of fragmentation due to new regulations that have not been properly thought through.
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Standard Chartered CEO Peter Sands captured at a G20 business summit in Seoul (AFP)</div>
<div style="text-align: left;"> Standard Chartered CEO Peter Sands captured at a G20 business summit in Seoul (AFP)</div>

The danger of creeping protectionism and a fragmentation of the global financial system are being heightened by regulators who are looking in the rear-view mirror, argues Peter Sands, CEO of Standard Chartered, in an exclusive interview with FinanceAsia.

“There are strands of the individual regulatory change agenda that are leading to a degree of fragmentation in the global financial system, which is an unintended consequence of authorities in different jurisdictions doing things to try and protect the resilience and stability of their individual financial systems,” said Sands. “There is a cost to that and it is a cost that is more significant to emerging countries than...

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