The joint associations (ISDA/GFMA/IIF) submitted on February 20 two letters on the Fundamental Review of the Trading Book (FRTB) to the Basel Committee. The first letter is addressed to the co-chairs of the Basel Trading Book Group (TBG), and is in response to the third FRTB consultation that was published by the Basel Committee in December 2014. The letter notes that since the industry is still working through the text of the third FRTB consultation and the QIS instructions, follow-up supplementary materials may be submitted to the TBG in the coming weeks. The second letter is addressed to the secretary general of the Basel Committee, and expresses the industry’s concerns about the timeline announced in the third FRTB consultation paper to complete the FRTB framework by the end of 2015 and continue the calibration work in 2016 and beyond.