Arguments over which way the regulatory playing field is slanting have been playing out ever since financial watchdogs first suited up and mobilised following the financial crisis. Financial News assesses the rules of the game in each jurisdiction and asks: which team is best placed to win?

"So far I've given you nothing but good news," Deutsche Bank co-chief executive Anshu Jain told investors towards the end of a presentation last month. "Does that mean that it has been an easy journey, and does it mean that our outlook has very few clouds on the horizon? Not quite so."