The FT’s US banking editor, Joshua Franklin, discusses the clash between US banks and regulators over the proposed Basel III Endgame rules. Banks worry about potential harm to Americans, while regulators emphasize the need for safer banking practices. The podcast explores the impact of new regulations post-2008 financial crisis, the ongoing conflict between banks and the Fed, and the anticipation for changes in Basel III Endgame rules.

Joshua Franklin, US banking editor at the Financial Times, dives into the explosive rise of independent trading firms like Jane Street and Citadel Securities. He discusses how these non-bank entities have surged past traditional investment banks, reshaping trading dynamics across various markets. The conversation highlights the efficiency of these firms and the risks they pose, especially regarding market stability and regulatory oversight. Franklin also touches on the contrasting operational models and the potential for increased regulation in future.