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John Plender fears that regulatory upheaval at the top of a bull market could spell Howard's End

The big three financial centres-New York, Tokyo and London-are simultaneously confronting what could be the biggest regulatory upheaval since the war. Oh dear. With Wall Street and London looking suspiciously near the end of a long bull market, this may spell global trouble.

The most obvious risks are in Tokyo, where a big bang is being imposed before a banking crisis is resolved. Things are less clear in the US, but the odds on repeal of Glass-Steagall, the anachronistic law which puts a barrier between banking and securities business, are better than for some time. In Britain we have Gordon…

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