In this episode of The SIFMA Podcast, SIFMA's Joseph Seidel and Dr. Peter Ryan identify and discuss three key takeaways from SIFMA's recent Basel III Endgame Roundtable. The Basel III Endgame package of reforms:

1. Is unprecedented in its scale and scope and deviates from its original intent;
2. Must be re-proposed in full for both substantive and legal reasons; and
3. Must be subject to wide-ranging and material revisions that also take into account the proposal's interactions with other elements of the U.S. capital framework.

In their discussion, they highlight remarks from the Roundtable's diverse group of regulatory, academic and business participants. They cover the proposal's implications for the U.S. capital markets, end-users, and broader economy, and the prospects for material changes to the proposal, particularly its trading book-related components.