Regulating rating agencies: inevitable, but not the solution

Both the US SEC and the EU are now pushing hard for a tougher regulatory regime for rating agencies. They will get their way — but to whose benefit? The rating agencies already try very hard to be transparent, and have volunteered to tackle financial incentives that could bend analysts’ judgment. Financial markets should not be satisfied with this regulatory fiddling, but should push for change in ratings that addresses their actual substance.

  • 17 Jun 2008

It looks almost inevitable that the rating agencies will be subjected to stricter regulation around the world.

The US Securities and Exchange Commission is consulting on new rules for nationally recognised statistical rating organisations (NRSROs), designed to manage conflicts of interest and improve transparency. The EU now seems ...

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 56,751.99 258 9.71%
2 HSBC 55,106.52 295 9.43%
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4 Deutsche Bank 28,030.86 110 4.80%
5 Standard Chartered Bank 24,407.97 175 4.18%

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1 Citi 17,236.12 48 14.67%
2 HSBC 14,417.38 33 12.27%
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4 Bank of America Merrill Lynch 10,330.75 38 8.79%
5 Santander 9,596.44 36 8.17%

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1 JPMorgan 23,828.80 80 12.75%
2 Citi 22,438.42 77 12.01%
3 HSBC 16,512.02 63 8.84%
4 BNP Paribas 9,898.80 29 5.30%
5 Deutsche Bank 9,721.98 26 5.20%

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1 JPMorgan 195.08 50 10.55%
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5 Citi 95.36 35 5.16%

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1 ING 2,729.06 23 8.33%
2 Bank of America Merrill Lynch 2,624.57 11 8.01%
3 UniCredit 2,390.81 17 7.30%
4 SG Corporate & Investment Banking 2,301.01 20 7.02%
5 Sumitomo Mitsui Financial Group 2,180.06 9 6.65%

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1 AXIS Bank 11,489.16 155 23.05%
2 ICICI Bank 5,143.70 131 10.32%
3 Trust Investment Advisors 4,716.76 132 9.46%
4 Standard Chartered Bank 3,661.93 41 7.35%
5 Yes Bank Ltd 2,469.67 59 4.95%