So there we go, another year, another SIBOS.
It’s been an interesting one, with many calling it the Zen SIBOS as we had a lot of time and space.
Or some did, as I don’t think I had any time. The week flew by and before we know it, we’re on the flight home.
The final session yesterday inspired us all with Muhammad Yunus giving us insights into how to end poverty but, through the week, the focus was far more on regulation, regulation, regulation and … regulation.
Non-stop talk about compliance with Basel, Dodd-Frank, EMIR and a raft of other regulatory matters were the theme of the week, along with the balancing act between East and West.
It is clear that we have a world today where half is falling over a cliff and the other half is flying through the clouds. That is the core challenge today: how to balance the needs of the growth markets with those of the markets that are haemorrhaging.
It’s always been this way but, because the historical power has been in the hands of the West, the East has had to just accept whatever Europe and America says.
That dictatorial power over the East is dissipating however, and it is far more likely that SIBOS 2022 will be held in Shanghai, by which time China will be the #1 superpower in the world.
Then China will dictate the regulatory agenda to the world, rather than the USA.
Or will it?
I wonder, as I keep hearing about China, China, China, but I’m started to question China’s future.
With a one-child policy that has created an escalating issue of an aging population, in the same way as Japan, I wonder if China really will be so dominating in years to come.
Rather we will see the emergence of the G20, G8 and other global groupings to create harmonisation of rules and policies on a principles-led basis.
Or rather that was the call from SIBOS this week.
Anyways, I hope you’ve enjoyed the ramblings from Osaka. Now off to catch my flight before the sun rises.
Sayonara till next week.
Oh, and see you in Dubai, 16-19 September 2013.