the sbc said before hand. we need to have a proper look at the trading book stress scenario. $38 on crude is not a stress. some of the other stresses don't look particularly harsh, considering what we have seen over the summer. where does the bar need to go to? we are talking about buffers. jonathan: we've had a couple things this morning. the big major u.k. banks passed the stress test. can you to me why we have had forward guidance -- can you explain to me why they have had forward guidance? >> they need to show that they are using it. they are going to go back and have a look at how they have provisioned against bad debt and recognize that some of it is wrong. we are also looking at the risks. they will come back and tell us that a lot of this is moot. we will discover that a lot of these approaches are considered old. meaningless. lloyds and rbs's a reasonably close to the wire. jonathan: final question to you. we go into march. they introduce the countercyclical buffer. people will start talking about thi

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policyo prudential becomes a bigger mix of the whole bank of england policy offering, the sbc will bey watched by participants. some go bank of england, do you think they're going to tighten bank of- jonathan: england, do you think they're going to tighten credit? what other people saying? i am not sureard: it is good to swamp the mpc in terms of importance did the policy mix is going to become more interesting it you're going to have them playing a dual role. jonathan: the trade environment at the moment. you look at the crude price matching that s&p 500 take for take. about theu make trading environment at the moment? richard: it feels like one big trade. sometimes that scene changes. we have oil and commodities being front and center. we have central-bank expectations in the past being the thing that is the big drivers. it feels like a big trade. it is a december and market liquidity is slightly different than other times -- then at other times. jonathan: 55 minutes of the session. a quick check. equity markets not much of a bounce on the ftse did where lower, down by six points. l

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