ISDA and AFME issue a Position Paper on the Fundamental Review of the Trading Book (FRTB) which serves as the basis for the market risk capital framework included in the Capital Requirement Directive (CRD) V legislative package proposed by the European Commission (EC) in November 2016. While the Industry is supportive of the introduction of the FRTB which aims at addressing structural shortcomings in Basel 2.5, it believes further calibration changes are required in certain areas and other methodological issues need to be appropriately addressed.