But the UK Government is highly sensitive about London’s competitive advantage as the financial hub of Europe, and the issue will remain almost intractable until the referendum on the UK remaining part of the European Union is held. The third question is: what can be done to facilitate/accelerate the process of creating a panEuropean CMU?
And at the Federal Reserve, this focus on monitoring and constraining the risks in the trading operations of our largest banking firms may also be seen in our supervisory assessment process – through the trading book market shock conducted as part of the comprehensive capital analysis and review, or CCAR, and the stronger overall supervision of trading operations conducted by our large institution supervision coordinating committee, or LISCC.