Regulators should raise the number of banks considered global systemically important financial institutions (Sifis) to avoid distortions forming in financial markets, Douglas Flint, the chairman of HSBC, said.

At a Morgan Stanley investor conference on Tuesday, Flint said requirements for tighter regulation and higher capital requirements at financial institutions considered "systemically important" should apply to "over 80" firms, rather than the 20 to 30 initially suggested by regulators, as