"There's a lot of global banking activities run out of London and potentially some more of these could migrate overseas, but I don't think it's going to be an immediate impact," he says.
At the very least, the pay rules will provide a test of oft-repeated arguments made by financial companies looking to avoid stricter regulation. If the new rules don't make Europe noticeably less competitive, the argument for instituting similar rules in the U.S. may become stronger.
-- Written by Dan Freed in New York.
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