Although we appreciate the effort made to target the more risky institutions and activities, we still have some doubts about how the thresholds system for ring-fencing trading activities would be applied. It seems to be very difficult to assess which activities would fall under the threshold and which would fall outside, and moreover this will probably lead to similar legal disputes as created by the Volcker Rule. The Liikanen Group has not come out with concrete proposals; as a matter of fact the threshold system set up a 15-25% limit and does not specify the activities that would be in.
