From the report:
The task force’s recommendations avoid a “one-size-fits-most” approach to implementation that focuses on individual transactions and presumes trading to be proprietary and impermissible. Instead, the task force’s recommendations stress the importance of a functional, data-driven model that takes account of the significant differences across asset classes, products, and markets. This approach focuses on tailored, data-driven metrics to help define what constitutes impermissible proprietary trading as well as the use of safe harbors to promote clarity regarding clearly permissible activity. An iterative, phased-in approach with access to a robust set of data maximizes the ability of regulators to fine-tune implementation and to continue to adjust in the future.Read the report.