It has been two days of intense regulatory excitement.

We have had Kenneth Feinberg’s compensation caps.

We have had the Federal Reserve’s plan to subject compensation policies at "28 large, complex banking organizations" to a "horizontal review."

And we have had the FSA’s discussion paper and its plans to enforce living wills, and capital (and possible liquidity) surcharges for “systemically important banks.”

What do all these mean? As we noted earlier, the implications of Feinberg's intervention hinge around the definition of 'executive.'

The Fed's proposals appear deliberately vague ('compensation must not encourage risk taking'), but as the Financial Times points outs, it's notable that they don't include mandatory bonus deferrals. This is at odds with the bonus code drawn up by the UK government, and could leave the City at a disadvantage.

The Telegraph also seems to think the FSA's proposals will have nasty side effects for bonuses. It quotes Adair Turner as saying that big profits should be used for a “rapid build up of capital…rather than to support excessive bonus payments.”

Precisely what Turner wants from the FSA's proposals (other than low bonuses) isn’t entirely clear, however. The Times reports that Barclays is likely to be one of those required to put more capital aside. However, Barclays already has a tier one capital ratio of 9.1%, significantly higher than some other European banks. Nor has the FSA specified the capital ratio it deems desirable.

One banking analyst tells us the FSA’s new rules have the potential to affect the compensation ratio, “in aggregate across all banks.” However, he says the real bonus killer won’t be the FSA, or the Fed (and maybe not even Feinberg), but the new Basle rules which will require banks to double trading book capital in 2012.

And the links...

Feinberg said all seven of the companies under his watch initially sought approval for pay packages that were too high and not in “the public interest.” (Bloomberg)

BofA wanted a cash salary range of $700-950k and stock-based salaries ranging from $1.9-19m. (Wall Street Journal)

Tons of execs jumped ship ahead of the Pay Czar’s dictate. (Clusterstock)

Feinburg: “If any one of these people left, I would be very disappointed.” (DealBook)

Is it any wonder why Goldman Sachs and JP Morgan were so eager to repay the TARP funds? Lloyd Blankfein and Jamie Dimon certainly saw the handwriting on the wall. (SenseonCents)

John Mack on compensation, “it’s going to be controversial. And it is what it is.” (Dealbreaker)

Credit Suisse profits match the peak of the boom. (The Times)

ANZ to hire up to 600 bankers in Asia this year. (WSJ)

Who’s been hiring in the City. (City AM)

Wanted : 250 gym instructors. (Evening Standard)