The impact of Basel III on trade was a key topic of discussion at Sibos. As one delegate said: “We have grave concerns around local regulators’ interpretation of liquidity coverage ratios and minimum capital ratios.”

“Regulators need to ensure that [corporate] end-clients do not pay for it if there are difference in implementation,” said another delegate. “The industry is wrestling with how to have a consistent voice and get the right people engaged at a senior level.”

Meanwhile, until regulations take final form, corporates are dealing with price volatility as a result of regulatory and market uncertainty, with every new announcement out of Brussels or the US being priced into trade costs.