Basel Committee announces additional credit risk working groups

The Basel Committee on Banking Supervision announced today that it is launching three working groups, in partnership with the International Organization of Securities Commissions (Iosco), to explore a number of counterparty credit risk and trading book-related items that have proven to be difficult to untangle in the Basel II document.

Although the final version of Basel II is set to be published on June 26, work will continue on trading book and counterparty credit risk issues beyond this, and the work of these groups will then be ‘tacked on’ to Basel II, according to industry experts. The Basel Committee announced in mid-January 2004 that it had set up a joint group, together with Iosco, to review these issues. The joint group is co-chaired by Oliver Page of the UK Financial Services Authority and Michael Macchiaroli of

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