A forward-looking, macroprudential perspective also requires attention to the co-movement of firms’ asset valuations and revenues in a stressed environment. This perspective reflects the fact that some losses are likely to be realized only in a systemic event.
For this reason, in our recent CCAR exercise we required the six largest firms to estimate potential losses from  BIS central bankers’ speeches  5  trading and related activities using the same severe global market shock scenario that was applied in the SCAP.