Major financial-services groups welcomed the Basel III capital requirements for banks, which include a lengthy phase-in period. However, some also voiced concern about how the rules will affect the industry. "The journey is just beginning, not ending," said SIFMA President and CEO Timothy Ryan. "We are really not going to know the impact of Basel, Dodd-Frank and the related accounting changes for a couple of years." Read SIFMA's news release. Read additional analysis from Davis Polk & Wardwell.