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ESBG common response to the European Commission consultation on the Liikanen Report recommendations

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To illustrate why the ring-fencing of market making activities would be that detrimental an example can be provided: Since the Liikanen Report does not recommend including underwriting within the ring-fence, commercial banks could still engage in these activities. Nevertheless, if these banks were to go to the secondary market to place these securities, then this activity would be considered as market making and therefore would be included in the ring-fencing scope. This will surely entail additional interests for the companies that demand these underwriting services due to the separation and the additional costs stemming from a more expensive funding. The.