Basel II incorporates the use of market discipline approach as a means of monitoring and disciplining banks with excessive risk exposure. It has been argued that subordinated debt holders are more eligible to discipline banks, therefore, a bank is liable to issue some volume/value subordinated debt to be able to attract discipline from clients. This approach has not been well-received by many finance authors. Based on Godspower-Akpomiemie and Ojah (2021) "Market discipline, regulation and banking effectiveness; Do measures matter?" a. Critically explain the flaws of exclusive reliance on subordinated debt as a measure of market discipline, especially from emerging market context. b. Explain the possible and relatively reliable market discipline matrix that could be amenable for emerging market economies