Further Response From ISDA, GFMA And IIF To The BCBS Regarding The Consultative Document “Fundamental Review Of The Trading Book” Dated May 2012

This letter contains a further response of the International Swaps and Derivatives Association, Inc (“ISDA”), the Global Financial Markets Association (“GFMA”) and the Institute of International Finance (together “the Associations”), to the Basel Committee on Banking Supervision (“BCBS”) ConsultativeDocument Fundamental Review of the Trading Book dated May 2012 (“Fundamental Review” or“FTRB”). This paper should be read in the context of the previous industry response submitted inSeptember 2012.

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