Royal Bank of Canada Chief Executive Gordon Nixon said Tuesday the uneven regulatory playing field among the world's banks is "a source of frustration."
Nixon was speaking in Toronto at Sibos 2011, the annual conference of the Society for Worldwide Interbank Financial Telecommunications. His comments followed remarks made last week by JPMorgan Chase & Co. Chief Executive Jamie Dimon, who called the new Basel III rules "anti-American."
Canada is requiring banks to be Basel III compliant in 2013, six years before the Basel deadline, despite the fact Canadian banks emerged from the 2008 global financial crisis intact and relatively unscathed. "You need good national regulations, and you need good understandable, applicable global standards," Nixon said. He said Canada needs to "push back" and "make sure that we're not at a disadvantage."
