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Samir Assaf, chief executive of global banking and markets, HSBC

1) What is the single most damaging unintended consequence of this year's wave of regulation? 
I think there are two key issues to consider. First, the impact of the new regulations on post trade and clearing houses. Although we can see some of the virtues of having securities cleared through central clearing houses, the new regulations have the potential to create huge systemic risk. Plus, there could be a big increase in costs for end users. 
Second, the playing field is now more uneven than ever before. And the level of coordination among the G20 nations around regulation and reform does not suggest this issue will be addressed anytime soon. We are starting to see some consensus of views on certain issues at a policy-maker level but this does not guarantee that implementation will be consistent across the markets.   
2. How far along the path to recovery are we? 
You have to separate the developed and emerging markets. And one simple word sums up the difference in economic prospects between the two.  It's debt. The developed nations have too much of it and cannot respond easily to monetary and fiscal stimulus.  Activity is depressed, monetary expansion is weak and inflation, for the most part, is uncomfortably low.  Having learnt their lesson from the excesses of the 1990s, many emerging nations are relatively debt-free and have responded with considerable dynamism to the global policy stimulus.  Indeed, while policymakers in the developed world fret about deflation, the danger for the emerging world is a return of inflation.  All manner of techniques will be used to halt inflation in its tracks including a renewed enthusiasm for capital controls.

Financial News asked senior figures from across the investment banking industry for their opinions on the unintended consequences of the latest regulations and the path to economic recovery.

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Fareed Sahloul

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