ISDA, GFMA and IIF ran a project to analyse the data submitted by 28 banks as part of the fourth Fundamental Review of the Trading Book (FRTB) quantitative impact study (QIS). The results show banks using the standardised approach will have to hold 4.2 times the total market risk capital banks hold today. This level is too high, if the policy objective remains to have the Standardised Approach as an alternative to modelled capital. The proposed standardised floors rules may further exacerbate changes in bank trading behaviours and market liquidity fragmentation that result from the non-risk-sensitive components of the framework.