Regulators taking another look at costs of 塀で囲む St safety 支配する
By Patrick Rucker and Jonathan Spicer
WASHINGTON/NEW YORK, Oct 24 (Reuters) - Just as memories of the 財政上の 危機 are fading and 堅い new banking 規則s are beginning to bite, some 現在の and former regulators wonder whether one of the 支配するs is too much of a 重荷（を負わせる） for markets and taxpayers.
At 問題／発行する is the 必要物／必要条件 that the largest U.S. banks 始める，決める aside $6 of 資本／首都 for every $100 of 資産s on their 調書をとる／予約するs - 二塁打 what they had to 持つ／拘留する before.
Because this いわゆる 補足の てこ入れ／借入資本 割合 (SLR) 支配する 適用するs to all bank 資産s 含むing 財務省s, it has made owning that ultra-安全な 政府 負債 and 関係のある 貿易（する）s more expensive.
塀で囲む Street has complained about costs of many 対策 designed to make the 財政上の system safer, but regulators have been 会社／堅い. However, when banks argue that the SLR, which （機の）カム into 軍隊 早期に last year, unnecessarily 重荷（を負わせる）s short-称する，呼ぶ／期間／用語 財政／金融ing, 現在の and former 公式の／役人s say they may have a point.
"It has turned out to be quantitatively more of a problem than some people had 心配するd," said Jeremy Stein, who was a Fed 知事 when the 補足の てこ入れ／借入資本 割合 was 可決する・採択するd. Stein left the central bank for Harvard University in 2014.
Any 軟化するing of the 規則 could signal that, nearly a １０年間 after 塀で囲む Street's 炉心溶融 誘発するd a 全世界の 後退，不況, a safety-first approach may be giving way to a more nuanced one where c osts play a greater 役割 in regulators' considerations.
個人として, some regulators are now asking themselves whether the cost of 従うing with the 支配する may 減らす its 利益s, によれば people familiar with 内部の discussions. The 連邦の Reserve and other central banks are 分析するing the 支配する and its 衝撃s.
The Fed and other U.S. bank 監督者s 認める that some short-称する，呼ぶ／期間／用語 lending has disappeared since the 支配する's introduction. They 異なる, though, over how much SLR should be 非難するd and whether any 調整s are needed.
New York Fed 大統領 William Dudley, whose 支店 of the Fed is 熟考する／考慮するing the 影響s of SLR, has pointed out that the 支配する has 抑制（する）d banks' repo 基金ing, but like other regulators he has held 支援する with recommending changes.
SLR may come up as a topic on Monday when Dudley 会合，会うs regulators from the 安全s and 交流 （売買）手数料，委託（する）／委員会／権限, the U.S. 財務省 and other 機関s along with 上級の bank and market 公式の／役人s to discuss the health of the U.S. 財務省 market.
SMALL CHANGE, BIG IMPACT
The 支配する's 衝撃 is most 明白な in the U.S. repo market, where 財政上の 会・原則s and central banks park and borrow short-称する，呼ぶ／期間／用語 基金s by agreeing to sell and buy 支援する U.S. 財務省s. (Graphic: http://tmsnrt.rs/2eg3boF)
Since banks are 要求するd to 始める，決める aside the same 百分率 of 資本／首都 whether they lend to a car 買い手 or the U.S. 政府, 持つ／拘留するing 財務省s became more expensive and 誘発するd banks to 規模 支援する their repo 操作／手術s.
That has depressed 容積／容量s, which for large and 中央の-sized banks have fallen to about $1.2 一兆 in January 2016, from about $1.7 一兆 in January 2013, accor ding to a New York Fed 贈呈.
Big players, such as Goldman Sachs & Co, Citigroup Inc, Bank of America Corp and JPMorgan Chase & Co are の中で those most 影響する／感情d.
Stanford University professor Darrell Duffie 見積（る）s in his 研究 that 企て，努力，提案-ask spreads in repo markets have risen four-倍の over the last two years, 反映するing rising 貿易（する）ing costs for hedge 基金s and others 親族 to money market 基金s.
The 支配する can also come at a cost to taxpayers.
In nearly two years big banks have had to 始める，決める aside more 資本／首都 for 持つ／拘留するing 政府 負債, 財務省 産する／生じるs have インチd up. JPMorgan 見積（る）s that higher 利益／興味 支払い（額）s will 追加する up to $260 billion over the next １０年間.
A group 代表するing the world's major central banks and 議長，司会を務めるd by Dudley is already 診察するing how bank 支配するs can 妨げる the 貿易（する） of 政府 負債 in 重要な markets.
The 委員会 on the 全世界の 財政上の System (CGFS), a subgroup of the Bank for International 解決／入植地s in Basel, Switzerland, is 推定する／予想するd to 問題／発行する its findings 早期に next year, によれば people familiar with its work.
In August, the Bank of England 緩和するd its own reserve 支配するs, 除外するing cash and short 称する，呼ぶ／期間／用語 貸付金s held at the bank and other 資産s from its てこ入れ／借入資本 計算／見積り.
In the 部隊d 明言する／公表するs, 支持するs for 塀で囲む Street 提案する 免除されたing 政府 社債s from the てこ入れ／借入資本 支配する, arguing they are far safer than other 資産s. Some regulators say, however, that making such an 控除 would be unwise and may not be necessary. They argue that other changes in money market 支配するs and the Fed's own repo activities may have 原因（となる）d changes in market 貿易（する）ing.
"If you start carving out 資産s you are making value and political judgments," Tom Hoenig, 副／悪徳行為 chairman of the 連邦の Deposit 保険 会社／団体 and an outspoken 支持する for strong 資本／首都 基準s, told Reuters in an interview.
"A てこ入れ／借入資本 割合 can only work if there are no 除外s."
But Duffie told Reuters there was "a lot of second-guessing" の中で regulators. "Most will say 'we wish we hadn't gone this far but we are here and it's very difficult to 修正する the 支配する."
(報告（する）／憶測ing By Patrick Rucker and Jonathan Spicer; editing by Linda 厳しい and Tomasz Janowski)
