The 2008 financial crisis caught the regulators in Europe and the US by complete surprise. The resulting domino effect of failing financial institutions was only halted by a massive bailout by the world’s governments. These banks had to be bailed out because they were “too big to fail” (Storkin, 2010). As a result of this a raft of new legislation was introduced to prevent it happening again. The Dodd-Frank act aimed to prevent banks becoming “too big to fail” and to increase transparency by moving more derivative products form OTC to exchange traded (SEC,2010). The FRTB paper: “Fundamental review of the trading book: A revised market risk framework” (FRTB) is designed to make financial institutions hold more accurate (larger) levels of risk capital to compensate for these “extreme” events (BIS, 2013).