Amend Basel II Trading Book Proposals, Basel Committee urged

Reacting to the Basel Committee's mid-April "Consultative Paper on The Application of Basel II to Trading Activities and the Treatment of Double Default Effects", a document which would amend the "Market Risk Amendment", the five largest broker-dealers urged the Basel Committee to amend its proposals managing risk on the trading book and in unsettled trades. Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch and Morgan Stanley, which comprise the Securities Industry Asso