UBS Weighs Moving Headquarters Out of Switzerland Over Capital Rules

The significance lies less in any move itself than in the leverage a bank of UBS's systemic weight can exert over its home regulator, since the options floated are structural rather than cosmetic. It affects Swiss policymakers and European and US supervisors as much as shareholders, because any cross-border combination would redistribute systemic risk. Whether the capital debate softens, or the bank actually advances a transaction, is the open question to watch.