On 13 February, Paul A. Volcker wrote a 2,000 word rebuke to critics of the Volcker Rule arguing, amongst other things, that its associated costs are de minimis. On the contrary, Andrew Sorkin of the New York Times argues that implementation of the Volcker Rule comes with many embedded costs for the US and global economy. Mr Sorkin states that some industry critics of the Volcker Rule say that removing big commercial banks from making their own bets will remove liquidity from the system, thereby driving up costs of everything from equities to corporate bonds. Further debate surrounds the rules for banks involving “market making” - finding and matching buyers and sellers. The question is whether it will become so complex under the new legislation, that it will further push up trading costs for customers.