Several European banks have put all work on the Fundamental Review of the Trading Book on hold amid a lack of clarity from the top. The head of regulatory strategy for a major European bank said that although the EU is moving forward, implementation work on the ground has stalled due to uncertainty.
Uncertainty is attributed to a multitude of reasons: from regulatory uncertainty at Basel Committee level to a practically unworkable Brexit timetable. Banks have decided too much is unclear to progress. Banks have been saying for some time now that the framework, in particular how it relates to other pieces of prudential regulation is excessively complex.