Following the Capital Requirements Directive (CRD) 5 legislative package proposed by the European Commission (EC) in November 2016, ISDA and AFME assessed the main aspects and the potential impacts of the Net Stable Funding Ratio (NSFR). The Industry highlights as NSFR impacts on important categories of transactions can be disproportionate and quantifies an implied burdensome amount of additional regulatory long term funding requirement (€4.5 trn according to a recent ISDA/AFME study)