Illya Gerasymchuk
Entrepreneur / Engineer
since all dealers are subject to functionally similar regulatory constraints, they're also subject to functionally similar set of balance sheet constraints
this is important to remember in the context of global liquidity, especially in terms of pro-cyclical effects
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