As Donald Trump's upset victory over Hillary Clinton emerged,stock futures fell sharply. But, in some respect, Trump's victorycould be a gift to financial institutions that loathed acontinuation of the Obama administration's regulatory andenforcement policies. In a speech in August, Trump said he wouldcall for a moratorium on new financial regulations.

On the campaign trail, Trump often called for “dismantling” theDodd-Frank financial reform law that created the CFPB, an agencythat rankled Republicans ever since it arose from the ashes of thefinancial crisis. Republican leaders in the U.S. House are pushinglegislation that would replace the CFPB.

Trump is set to take control of the White House as Republicanskeep majorities in the U.S. Senate and House, giving hisadministration a powerful position to pursue domestic andinternational goals. And to make U.S. Supreme Court picks.

Trump opposed the Trans-Pacific Partnership trade pact and hassaid he would renegotiate other existing trade agreements. “Americawill no longer settle for anything less than the best,” Trump saidin his victory speech in New York.

Law firm leaders in the U.K. said they will closely trackTrump's business and regulatory positions, including internationaltrade policy.

“As a firm that is very focused on international cross bordertransactions — we will keep a close eye on how the U.S. continuesto engage in its international trade relations,” Nick Buckworth,London managing partner of Shearman & Sterling, said. “DonaldTrump has expressed certain views on international trade so we'llsee how things will adjust.”

Mike Goetz, London managing partner of Ropes & Gray, said itwas “too early to formulate what it all means — it doesn't makesense right now.”

To the extent the Trump administration is friendly to business,Goetz said, “people aren't going to be too concerned. It's likeBrexit — it will take some time for people to absorb it andunderstand what the implications are.”

The outcome — where the vote defied predictions of a Clinton win— will produce some uncertainty, Nicholas Cheffings, globalchairman of Hogan Lovells, said.

“The combination of this result and Brexit means we expect to bebusy advising clients around the world on the likely policyimplications and changes in the regulatory environment,” Cheffingssaid. “Our transatlantic capabilities and our strong regulatorypractice in D.C. mean we are uniquely well placed to do that. Aswith Brexit, we have been anticipating this possible outcome.”

Trump Transition to Set Policy Agenda

The spotlight in the coming months will turn to Trump'stransition team, headed by New Jersey Gov. Chris Christie, withsupport from Senator Jeff Sessions, (R-Ala.). Republican veteransRudy Giuliani, former Mayor of New York City, and former Speaker ofthe House Newt Gingrich, are under consideration for U.S. attorneygeneral and secretary of state, respectively, according to NBCNews. Trump's platform has proven mutable, but his calls to rollback or repeal Dodd-Frank have remained consistent. Foreshadowing aplatform that would call for the near-destruction of Dodd-Frank,Trump told Reuters in May that the law “is a very negative force,which has developed a very bad name.”

Trump said then that Dodd-Frank “has made it impossible forbankers to function.”

Indeed, the GOP platform approved at the Cleveland conventioncalled for the repeal of Dodd-Frank and the elimination of theCFPB. For Richard Cordray, the agency's director, that plank of theparty platform could spell trouble. An appeals court panel'sdecision last month said the president has the power to remove theCFPB director at will, rather than only “for cause.” The agency isexpected to challenge the decision.

The tea leaves for Trump's enforcement approach are unclear. Hehas pushed back against the notion of breaking up banks. In hissteadfast criticism of settlements, Trump called J.P. Morgan CEOJames Dimon the “worst banker in the United States” for reaching a$13 billion settlement with the Justice Department in 2013. But hehas also blamed the financial sector for creating “tremendousproblems” and said he would “tax Wall Street.”

Trump will also face what veteran antitrust lawyer Bill Baer ofthe Justice Department recently called a “merger wave” of corporatetie-ups. The Obama administration's Justice Department and FederalTrade Commission ramped up antitrust enforcement in recent years,taking an aggressive approach to thwart blockbuster deals. TheJustice Department is challenging a pair of proposed deals in thehealth care insurance industry that critics contend would restrictcompetition.

Republicans are generally seen as gentler than Democrats inantitrust enforcement. But Trump has signaled he would take a toughstand against major mergers and acquisitions. He pledged recentlyto fight AT&T Inc.'s proposed acquisition of Time Warner Inc.,which he said would put “too much concentration of power in thehands of too few.”

Trump could also push for policy changes in the health carearena, and on the labor and employment front.

He has advocated the repeal of the Affordable Care Act, a movethat could — if it were successful — jar the employer community andhealth care and insurance industries. He has kept relatively quieton other labor issues, but he has advocated possible increases inthe minimum wage to be determined on a state-by-state instead offederal basis as well as limited steps forward in the area of paidmaternity leave.

Trump and the Supreme Court

The future of the Supreme Court remains in the balance.President Barack Obama's pick — Merrick Garland, chief judge on theU.S. Court of Appeals for the D.C. Circuit — faces a hopelessbattle for confirmation.

Trump, who will have a chance now to fill the vacancy created bythe death of Antonin Scalia, has floated two short lists for theU.S. Supreme Court. He has promised to appoint justices in the moldof Scalia who “will protect our liberty with the highest regard forthe Constitution.”

Trump's most recent list, announced in September, includedlargely state and federal judges, including Timothy Tymkovich,chief judge of the U.S. Court of Appeals for the Tenth Circuit, andRobert Young Jr., chief justice of the Michigan Supreme Court. Theonly non-judge on the list was Sen. Mike Lee, R-Utah, who was oncea law clerk to Supreme Court Justice Samuel Alito Jr.

At the final presidential debate, Trump predicted that Roe v.Wade would “automatically” fall if he successfully appoints two orthree new justices.

Trump's election could pose an ethical dilemma for Justice RuthBader Ginsburg, who in July questioned the Republican nominee'scandidacy.

“I can't imagine what the country would be” with Trump in theWhite House, Ginsburg said. She later called her remarks“ill-advised.”

Pot Movement Grows

The marijuana movement faced its biggest moment yet asCalifornia residents and voters in four other states took upmeasures to legalize pot. California voters approved Proposition64, which legalizes recreational marijuana. Florida voters adoptedan expansion to the state's medical marijuana program.

The increasing push for marijuana presents significantregulatory hurdles — and a potential revenue boon for financialinstitutions.