In this report, FedFin reviews the Friday declarations from the G-20 and Financial Stability Board, finding little new in them related to financial-market regulation.  We have also assessed statements issued by the White House, which outline U. S. responses to the G-20 decisions.  The G-20 spent its substantive time on complex global trade and currency issues, with the communiqué describing results as “relentless and cooperative” despite the inconclusive nature of the final communiqué.  As anticipated, the G-20 blessed Basel III and its implementation dates (see Client Report CAPITAL170) and the FSB restated its systemic regulation-and-resolution agreements concluded in October (see Client Report SYSTEMIC35).  Although the SIFI agreements are tough in tone, there remain virtually no specifics due to ongoing disagreement over cross-border resolutions and living wills (see Client Report LIVINGWILL2). President Obama emphasized that the U.S. leads the world on all these issues in the wake of Dodd-Frank, leading to a focus on consistent global implementation to promote a level playing field. The statement emphasized the importance of the Volcker Rule (see Client Report PROPTRADE7) even though there is no sign of a similar requirement following the G-20’s generic discussion of “risk-taking” restrictions.

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