We are also addressing mark-up and last look. We are aiming to provide language around what it means to participate in the market as principal rather than agent. In these areas we intend to describe what is good practice as well as what is not good practice.
I think that the bail-in principles approved by the Member States and the respective timeline until 2018 are appropriate to allow a transition period that is helpful to ensure stability in the bank bond market. This new rules should support the work of the SSM by strengthening incentives in the financial sector to exercise market discipline on problematic banks.