Well, I won't say that I'm happy with that... the anti-cyclical buffer seems to be gone but much worse to me, the so called "minority stakes in other financial firms" to count as capital is definitly wrong and will lead to a new row of managements gaming the new set of rules, it doesn't meet any of the requirements you expect from capital in a time of crisis in the financial system regarding the liquidity rules. Finally, the transition period is much too long given the situation, a bet on future profits accumulation to meet the new capital standards looks to me more like gambling than banking.

What have you heard so far about the proposal?