FRANKFURT, March 15 (Reuters) - 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)