A fair minded regulator should acknowledge that was a concern identified by industry some time ago. All these considerations led the EBA to be very careful in design of the buffer in two respects.
DvP, T+3;  4.  a central securities depository to facilitate transfer of ownership of scrip;  5.  centralised distribution of market information;  6.  a centralised pool of liquidity, e.g. central and transparent price dissemination from a central platform. Whether or not these requirements are supply-leading, demandfollowing or some permutation of these and other determinants remains moot.