BlackRock, Vanguard Group and Fidelity Investments sent letters last week praising the Financial Stability Board for shifting its scrutiny of the industry to specific trading activities rather than the size or systemic importance of firms that manage trillions of dollars in assets. The companies and their main trade associations called on the FSB to fine-tune potential constraints on how firms assess market stress, to collect more data, and to broaden its review to companies that can threaten asset managers. Read the original story from Bloomberg.
