Basel II realities kick in for emerging markets

The emerging markets might find compliance with the new Basel Accord a struggle, but ambitions are high. And the pressure is on for regulators to be seen to be adopting Basel II within the international community. Oonagh Leighton reports

A fund manager recounts a meeting 10 years ago with a Russian bank planning its initial public offering. Over lunch his request to view the company's accounts was met with a mixture of bewilderment and amusement.

Moments later a handy napkin was proffered with a few numbers scribbled onto it. That was, it seemed, as close as he was going to get to accessing the company's formal accounts.

Although things have certainly improved in the Russian market, the quality and accuracy of accounting and risk

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