Basel capital rules would hurt munis, SIFMA says

Basel capital rules would hurt munis, SIFMA says

SIFMA cautioned the Federal Reserve Board on adding the Basel Committee on Banking Supervision’s latest capital standards in the Fundamental Review of the Trading Book. “The higher costs of holding trading inventory would have a chilling effect on all dealers’ ability to trade bonds and would materially erode liquidity in the market,” Michael Decker, managing director and co-head of munis at SIFMA, wrote to the Fed
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