In summary, the Federal Reserve believes that its existing supervisory guidance on trading and derivatives activities at state member banks and bank holding companies is entirely consistent with, and complementary to, that of the Basle Committee on Banking Supervision and the OCC.
More than ever, Europe, coping with the present challenges, needs to demonstrate its sense of direction. This is no time for fatigue. This is no time for complacency. Thank you for your attention. BIS central bankers’ speeches  5