Regulators recalibrate for zero-rate environments
Benchmark reform creates opportunity for vehicles that flopped in the financial crisis
Proposals include circuit breaker requirements, standards for trade reporting
European regulators aim to curb vulnerabilities revealed by March 2020 market stress
Decision follows similar delays by regulators in Europe, U.S.
Measures to address securitization market failures reduced risk without curbing lending
Decision to delay capital rules casts doubt on global consistency
Policymakers cite need to maintain a level playing field with U.S. banks
Regulator exceeded its authority with its proposed rulemaking
Market has evolved dramatically since the global financial crisis