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Again, cry me a river that a trader at GS has to work a tiny bit harder for their bonus. How is that killing/crushing/destroying...pick your hyperbolic word....anyone? Sure it's a tiny pain in the ass for that poor trader that impacts his/her bonus not at all, and as pointed out before the banks...

Just get a bunch of marketing material for why you should hire EY to set up a bunch of expensive compliance training for you. Again, the fact that no-one has been able to produce a single concrete example of how this impacts a real person is telling. And I'd maintain that if you have to do...

Absolutely, there is a small basis there that I always wrote off to transaction costs but never really gave any more thought to, so would be happy to hear your thoughts.

Sorry, don't have access to your C drive!

What specifically do they have to do that's so burdensome? Is there a form they have to fill out, if so which one? Is there a filing they have to make, if so do you have an example? I think the responses to my query so far are illuminating, a bunch of "this is crushing" generalities but when...

If something is complex it must be bad? Again, just looking for a specific impact it's had on someone, not general "I don't like it because its gub'mnt"

Not by a long shot. In many respects I think he's crazy! But I would like to know instances of anyone actually being harmed by this, as opposed to "my tribe says I have to hate this so I hate it without actually having a clue why".

The thing is, what specific impact has Dodd Frank had on you (not you specifically but anyone here who is sure it's killing us all)? So GS has to hire a couple extra compliance lawyers, cry me a river. The commissions we all pay have steadily gone down, and I pay less for trading now with better...

In general I would agree. However that particular regulation imposed no compliance burden per se, i.e. there was no paperwork that advisors had to file. The did have to make sure that they were acting in their client's best interest. I'd say if it cost too much to comply with that requirement...

I didn't see anything in that which would impact the subject of this thread, did you?

Last I checked the markets were at all time highs and almost everyone in the financial industry is doing very well. I'd hardly call that "strangulating". There are people who need help, those of us in the financial industry aren't among them.

Requiring investment advisors for retirement plans to act in the best interest of their clients causes volatility? Seriously? I can't even imagine what convoluted thought process would lead one to come to that conclusion.

I actually found OneNote to be a great tool for close to the same thing you're talking about sle. And I really didn't want to like a msft product, but it's surprisingly good for putting some order to a bunch of disparate stuff while minimizing the time it takes to learn and use it. I started...

What's the argument against the fiduciary rule again?

If you enter into an opposite forward the same day you do the "borrow, exchange at spot, lend" transaction you have 0 exposure to currency fluctuations. If you borrow and lend with a note of the same tenor as your forward, you have 0 exposure to fluctuating interest rates. Now if your tenors...

Not sure what you mean by this. Of course if there was an outside cost imposed on all market players, like a tax, it would be reflected in the forwards. Transaction costs, for example, can explain the entire put/call parity discrepancy when it exists. But what such tax exists here? The...

We agree, the market will almost instantly arb out any imbalance. Which is why I question this idea that there could be a persistent "basis" in the market that is being alleged.

If I can borrow USD at X% interest I can borrow USD at X% interest, right? If that's the case, what about the purely mechanical arbitrage I described doesn't work. If USD are more precious than that is reflected by a higher interest rate and it's not longer X, it's X+X1. But if we agree that the...

Well if it was possible to borrow USD at rate X in $ and lend GBP at rate Y in pounds you could borrow the $ at X, convert it at spot to GBP and lend that amount in pounds at Y and at the same time buy/sell the futures (or enter into a forward contract) that is off from what those lending rates...

I thought Eurokopek actually had a pretty good explanation. There is a limit to that basis since at some point it gets big enough to arb away by borrowing in one currency and lending in the other.