“I think we have to get there and get these finalized, and then we'll also take actions once we have good clarity on what's going to change or not change as we go over the next year. So I mean, we're probably 9 months to 12 months away from getting a final rule”

In context

“hat are probably pretty obvious, whether it's operational risk plus the -- some of the other factors. But operational risk is certainly going to be one of the bigger pieces of it. And so I really do think that we have to see how the final rule shakes out next year. We're hopeful that there'll be some changes to areas that we think just makes sense from aligning sort of the capital requirements to the risk while also maybe moderating some of the operational risk increases as well. And so we're going to engage as we go there. But one of the factors that we've talked about now for a while in terms of how big our buffer should be is that we needed the rules to be finalized and so could that lead you to having a slightly smaller buffer than what we would have had in the past? Potentially. But I think we have to get there and get these finalized, and then we'll also take actions once we have good clarity on what's going to change or not change as we go over the next year. So I mean, we're probably 9 months to 12 months away from getting a final rule, and so we still have a little bit of time for this to play out. Steven Chubak: And for a follow-up, just on the trading business. It continues to surprise positively versus expectations. You cited some of the investments that you've made, the benefits of volatility. But with revenues running multiples above what we've seen in prior years and that $1 billion-plus bogey being reached for 3 consecutive quarters, I was hoping you could just speak to whether we should be underwriting $1 billion-plus as a new normal or if there were any cyclical benefits or anomalous benefits that maybe we shouldn't be underwriting go forward. Just trying to think about what the normalized level of trading revenue should be given some of the investments you've made scaling of that business. Michael Santomassim”