ISDA, the Global Financial Markets Association and the Institute of International Finance have responded further to the Basel Committee on Banking Supervision consultation on a review of the trading book. The organisations feel the ideas for standard rules are too prescriptive and complex because they try to achieve too much. They feel many of the aims could be addressed by using a standardised calibration of internal models for the purpose of benchmarking models and making cross-firm comparisons. (Source: Industry Responds on Trading Book Review)