The former head of the leading US financial industry group believes the implementation of sweeping reform of derivatives and securities trading will take up to five years.
John Taft, who has just stepped down as chairman of Sifma, the US financial industry’s main lobbying body, told the Financial Times: “We’re years away from the reform process being complete.”
Mr Taft, who heads RBC’s wealth management unit in the Americas, added: “We’re talking about three years, maybe five years, and . . . three years from now, I think about 80 per cent of the reform effort will be in place.”
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