Axa IM talks of systemic risk from sec-lending limits

Regulators’ broad-brush imposition of transparency disclosure requirements to include securities lending is disrupting market access to new funding channels and could cause systemic risk, warns Axa Investment Managers. Christophe Roupie, global head of trading and securities financing in Paris, says he welcomes transparency rules, but believes regulators need to discriminate rather than impose broad-brush regulation on various market areas, from OTC derivatives, bonds and ETFs to …