This capital firewall has proven confusing and controversial, as "industry norms" are difficult to determine. Federal Reserve examiners have expected section 20 subsidiaries to maintain capital to cover risk exposure in an amount approximately twice what the SEC requires, but some section 20 subsidiaries have complained that this is more than their competitors maintain.
I would like to thank the organisers for their efforts; the presenters and discussants, and the keynote speaker, for their contributions; all of you for being here to take part in this debate. Fostering interaction among researchers is important at all times: it is all the more important in unusual times such as the ones we are living in.