Before revision:  These findings show the limitations of the concept of comonotonicity in a world without risk-free assets and raise questions about the meaning and the role of comonotonicity within a capital adequacy framework. We also point out some potential traps when using comonotonicity for "discounted" capital positions .
After revision:  These findings show the limitations of the concept of comonotonicity in a world without risk-free assets and raise questions about the meaning and the role of comonotonicity within a capital adequacy context .