FRANKFURT The world's largest money manager Blackrock warned against a sweeping deregulation of financial markets pointing to lessons learned from history.
"Rolling back regulation at this point with this much liquidity in the system strikes me as a very bad idea," Blackrock Vice Chairman Philipp Hildebrand told a conference on Wednesday. "We learned that lesson in 2004."
He added, however, that there was room for a re-calibration of some aspects of the existing regulation.
U.S. President Donald Trump last week promised in a meeting with bankers to strip away some of the existing financial regulation.
Jacob Frenkel, Chairman of JP Morgan Chase International, told the same conference that deregulation should be handled carefully.
"It would be great mistake to throw out the baby with the water tub," he said.
(Reporting by Arno Schuetze; Editing by Maria Sheahan)