bank dealers are subject to Basel III, non-bank dealers to other similar regulations non-bank dealers don't have HQLA or leverage ratio (Basel), but they have net capital haircuts and other leverage/margin requirements so all dealers are subject to a similar set of regulations

Illya Gerasymchuk 2025-08-17 16:42

market makers and other dealers are also subject to regulatory balance sheet constraints many of them are banks, so frameworks like Basel III apply. non-bank dealers have similar regulations this means dealers are also subject to HQLA, haircuts, leverage limits and alike