BBA, ISDA and the AFME have published a joint response to FSA's Discussion Paper on a prudential regime for trading activities. They note the importance of the regime being appropriate and risk-sensitive, as well as flexible and proportionate. The response says it is important to avoid undue complexity and to articulate clearly what the desired outcomes are. (Source: Joint Associations' Response: FSA DP 10/04: The prudential regime for trading activities)