Furthermore, a banking system which is heavily engaged in proprietary trading may be more vulnerable to systemic risk, because of the pro-cyclical impact of marking securities to market and because of the heightened liquidity risks created by proprietary trading.
Given the complexity and global nature of the challenges ahead of us and the significant financing needs, only enhanced multilateralism and cooperation among IFIs, national authorities and development partners—including through an effective use of country platforms—can truly make the difference. 3/3  BIS central bankers' speeches