The fundamental review of the trading book and the quest for a sound prudential framework for trading activities

espanolEl objetivo de la revision fundamental del libro de negociacion (2016) era superar las deficiencias conceptuales del antiguo marco prudencial, que se pusieron de manifiesto durante la crisis (2007-2012). En este articulo se describen los principales elementos de este nuevo marco, se comparan con el antiguo y se analizan en base a sus objetivos originales. En general, la mayor parte de los cambios e innovaciones tienen una robusta base teorica y, por tanto, un alto potencial para alcanzar los objetivos pretendidos, tal como aumentar la sensibilidad al riesgo, reducir la variabilidad indebida de los activos ponderados por riesgo o limitar el arbitraje regulatorio. La potencial evidencia empirica solo podra surgir algunos anos despues de la implementacion. EnglishThe purpose of the fundamental review of the trading book (2016) was to overcome the conceptual shortcomings of the previous prudential framework, which were revealed during the crisis (2007-2012). In the article, the main features of this new framework are described, compared to the old one and assessed against its original objectives. In general, most changes and innovations have sound theoretical foundations and hence a strong potential to achieve the intended objectives, such as increasing risk-sensitivity, reducing undue risk-weight variability or limiting regulatory arbitrage. Potential empirical evidence will only be able to arise a few years after implementation.