{"id":138722,"date":"2026-04-10T11:26:00","date_gmt":"2026-04-10T15:26:00","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/"},"modified":"2026-04-10T15:11:17","modified_gmt":"2026-04-10T19:11:17","slug":"the-u-s-basel-iii-endgame-enters-a-new-phase","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/","title":{"rendered":"The U.S. Basel III Endgame\u202fenters a\u202fnew\u202fphase\u202f"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69d9c54e8b395'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">The U.S. Basel III Endgame\u202fenters a\u202fnew\u202fphase\u202f<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/404808231.jpeg\" class=\"bbg-single-image__image attachment-full\" alt=\"Office building view\" title=\"Office building view\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69d9c54e9721a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">April 10, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69d9c54e9a091'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">What does the revised U.S. Basel III Endgame proposal mean for banks? Regulators signal lower capital requirements, but key uncertainties\u202fremain\u202faround timelines and implementation details.\u202f <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Diverging global Basel III and FRTB frameworks increase complexity for banks&#8217; operating jurisdictions.<\/span><\/li>\n<li><span data-contrast=\"auto\"> Data quality, regulatory classifications, and historical time series are critical to meeting FRTB requirements under both the Standardized Approach and Internal Models Approach.\u202f<\/span><\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69d9c54e9d435'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em><span class=\"TextRun SCXW267891539 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW267891539 BCX0\">This article was written\u00a0<\/span><span class=\"NormalTextRun SCXW267891539 BCX0\">by<\/span><span class=\"NormalTextRun SCXW267891539 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW267891539 BCX0\">Kate<\/span><span class=\"NormalTextRun SCXW267891539 BCX0\">\u00a0Lee, Global Head, Regulatory &amp; Accounting Data, William Troost, Director of US Government Relations and Regulatory Strategy, Ken Yanai, Global Product Manager, Capital, Accounting &amp; Tax Data, and Joseph\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW267891539 BCX0\">Alicata<\/span><span class=\"NormalTextRun SCXW267891539 BCX0\">, Senior Policy Analyst, Head of Americas AI Regulatory<\/span><\/span><span class=\"EOP SCXW267891539 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\"> Strategy at Bloomberg.<\/span><\/em><\/p>\n<p><span style=\"font-weight: 400;\">After two years of uncertainty, the U.S. Basel III \u201cEndgame\u201d has entered a new phase. On March\u202f19, 2026,\u202fregulators unveiled a revised proposal\u202frecalibrating the 2023\u202fproposed framework, which\u202ffailed to\u202freach consensus amongst regulators and received pushback\u202ffrom Congress and\u202findustry alike.\u00a0 <\/span><\/p>\n<p><span class=\"NormalTextRun SCXW221029149 BCX0\">Federal Reserve Vice Chair Michelle Bowman\u202f<\/span><span class=\"NormalTextRun SCXW221029149 BCX0\">indicated<\/span><span class=\"NormalTextRun SCXW221029149 BCX0\">\u202fthe update\u202f<\/span><span class=\"NormalTextRun SCXW221029149 BCX0\">seeks<\/span><span class=\"NormalTextRun SCXW221029149 BCX0\">\u202fto remove overlapping requirements and better align capital with underlying risk. While certain elements\u00a0<\/span><span class=\"NormalTextRun SCXW221029149 BCX0\">may<\/span><span class=\"NormalTextRun SCXW221029149 BCX0\">\u00a0still increase\u00a0<\/span><span class=\"NormalTextRun SCXW221029149 BCX0\">capital<\/span><span class=\"NormalTextRun SCXW221029149 BCX0\">\u00a0requirements, adjustments to the G-SIB surcharge could offset the impact.\u202f<\/span><span class=\"NormalTextRun SCXW221029149 BCX0\">Regulators suggest the effect on large banks may be more modest than initially proposed.<\/span><span class=\"NormalTextRun SCXW221029149 BCX0\">\u202fComments are due by June 18, 2026.\u202f<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69d9c54e9f58d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_2746949192780616279\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/professional.bloomberg.com\/solutions\/regulation\/frtb\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg FRTB Solutions\"\n        >\n                      Bloomberg FRTB Solutions\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"NormalTextRun SCXW149655970 BCX0\">For banks preparing for the Fundamental Review of the Trading Book (FRTB), the proposal signals a departure from\u00a0<\/span><span class=\"NormalTextRun SCXW149655970 BCX0\">the\u00a0<\/span><span class=\"NormalTextRun SCXW149655970 BCX0\">2023 \u2018gold plating\u2019\u00a0<\/span><span class=\"NormalTextRun SCXW149655970 BCX0\">approach\u00a0<\/span><span class=\"NormalTextRun SCXW149655970 BCX0\">toward<\/span><span class=\"NormalTextRun SCXW149655970 BCX0\">\u00a0a framework that allows for greater modeling and\u00a0<\/span><span class=\"NormalTextRun SCXW149655970 BCX0\">promotes U.S.<\/span><span class=\"NormalTextRun SCXW149655970 BCX0\">\u00a0market liquidity.<\/span><span class=\"NormalTextRun SCXW149655970 BCX0\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69d9c54ea3177'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Empower your work with Enterprise Data & Technology monthly insights<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for the newsletter <\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_8527753536699127336\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/enterprise-data-and-tech\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69d9c54ea703c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW87509522 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW87509522 BCX0\">Why Basel III Endgame triggered pushback<\/span><\/span><span class=\"EOP Selected SCXW87509522 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">The July 2023 proposal was projected to increase aggregate\u202fcapital requirements by 16-19%.\u202fSeveral\u00a0additional\u00a0areas\u202femerged\u202fas focal points of concern:\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><b><span data-contrast=\"auto\">Timelines<\/span><\/b><span data-contrast=\"auto\">: Viewed as unclear given the operational complexity.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Market risk under FRTB:\u202f<\/span><\/b><span data-contrast=\"auto\">Limited clarity around look-through requirements\u202fand\u202fthe\u00a0Index\u202fBenchmark\u00a0Approach.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Credit\u202frisk:<\/span><\/b><span data-contrast=\"auto\">\u202fChanges to risk weights for mortgages and corporate exposures were expected to increase RWAs.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Scope:<\/span><\/b><span data-contrast=\"auto\">\u202fExtending the frameworks to banks with\u202fassets between $100\u202fbillion\u202fand\u202f$700 billion\u202fraised questions about\u202fproportionality.\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW206214234 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW206214234 BCX0\">What the\u00a0<\/span><span class=\"NormalTextRun SCXW206214234 BCX0\">r<\/span><span class=\"NormalTextRun SCXW206214234 BCX0\">evised\u00a0<\/span><span class=\"NormalTextRun SCXW206214234 BCX0\">p<\/span><span class=\"NormalTextRun SCXW206214234 BCX0\">roposal\u00a0<\/span><span class=\"NormalTextRun SCXW206214234 BCX0\">c<\/span><span class=\"NormalTextRun SCXW206214234 BCX0\">hanges<\/span><\/span><span class=\"TextRun SCXW206214234 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW206214234 BCX0\">\u202f<\/span><\/span><span class=\"EOP Selected SCXW206214234 BCX0\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">The 2026 proposal reflects a strategic shift toward simplification and risk alignment while upholding Basel III\u2019s core\u00a0objectives. This pivot aims to preserve U.S. bank competitiveness and market liquidity by narrowing the capital gap that threatened to migrate lending\u00a0out of the U.S. banking system.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A primary change is the removal of the \u201cdual stack\u201d framework, where banks calculate capital ratios using both standardized and internal models. The updated proposal emphasizes a simpler structure to reduce complexity and improve transparency. Regulators are signaling a clear preference for standardized methodologies\u2014particularly for credit and operational risk\u2014replacing bank-specific models with a \u201ccommon language\u201d that enhances comparability and provides long-term capital predictability. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The revised proposal also addresses the \u201ccliff effect\u201d in the G-SIB surcharge. Previously, minor footprint fluctuations could trigger disproportionate capital penalties. The new framework introduces 10-basis point increments (down from 50bps) and utilizes daily\/monthly averaging rather than year-end snapshots. While this increases the reporting burden on Treasury and Risk functions, it reduces \u201cwindow dressing\u201d and allows for more stable capital planning. <\/span><\/p>\n<p><span data-contrast=\"auto\">Market risk requirements have been significantly tailored. Key adjustments include preferential treatment for certain government-sponsored entities and indexing large market capitalization thresholds to the\u00a0consumer price index.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Most notably, rules for indices and funds were relaxed. The removal of \u201clisted and well-diversified\u201d language for indices simplifies the single-sensitivity approach. For funds, a &#8220;partial look-through&#8221; now allows banks to split funds into look-through and non-look-through portions. Additionally, funds tracking an index can now use the index benchmark approach without calculating tracking differences if they meet specific reporting criteria.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">By adopting flexible thresholds and\u00a0workable\u00a0implementation strategies, regulators have responded to industry concerns\u00a0regarding\u00a0operational feasibility and inflationary decay. These technical recalibrations shift the focus from punitive capital floors toward a risk-sensitive regime that preserves market liquidity and prevents core banking activities from shifting to the shadow banking sector.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW166716061 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW166716061 BCX0\">Divergence\u202f<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW166716061 BCX0\">\u00a0a<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW166716061 BCX0\">cross<\/span><span class=\"NormalTextRun SCXW166716061 BCX0\">\u202f<\/span><span class=\"NormalTextRun SCXW166716061 BCX0\">\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW166716061 BCX0\">g<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW166716061 BCX0\">lobal<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW166716061 BCX0\">\u202f<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW166716061 BCX0\">\u00a0f<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW166716061 BCX0\">rameworks<\/span><\/span><span class=\"TextRun SCXW166716061 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW166716061 BCX0\">\u202f<\/span><\/span><span class=\"EOP Selected SCXW166716061 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\"><span class=\"NormalTextRun SCXW207342968 BCX0\">Following the Global Financial Crisis<\/span><span class=\"NormalTextRun SCXW207342968 BCX0\">, the FRTB was developed by the Basel Committee on Banking Supervision to overhaul how banks calculate minimum capital requirements for market risk.\u202fFinalized\u202fin January 2016<\/span> and <a href=\"https:\/\/www.bis.org\/bcbs\/publ\/d457_note.pdf\">revised in January 2019<\/a><\/span><span data-contrast=\"auto\">, <span class=\"TextRun SCXW65897027 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW65897027 BCX0\">the framework was intended to address key weaknesses in the pre-crisis regime, including the blurry boundary between the trading book and banking book and the inability of Value-at-Risk (<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW65897027 BCX0\">VaR<\/span><span class=\"NormalTextRun SCXW65897027 BCX0\">) models to capture severe tail risk and market illiquidity.\u00a0<\/span><\/span><\/span><\/p>\n<p><span class=\"NormalTextRun SCXW51806506 BCX0\">In response, FRTB introduced stricter trading book boundary rules, tougher model approval standards, and replaced\u202f<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW51806506 BCX0\">VaR<\/span><span class=\"NormalTextRun SCXW51806506 BCX0\">\u202fwith the more conservative Expected Shortfall metric. Although the Basel framework was designed as a common global standard, implementation has become increasingly uneven as major\u202f<\/span><span class=\"NormalTextRun SCXW51806506 BCX0\">jurisdictions<\/span><span class=\"NormalTextRun SCXW51806506 BCX0\">\u202fhave adapted timing and calibration\u202f<\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW51806506 BCX0\">in light of<\/span><span class=\"NormalTextRun SCXW51806506 BCX0\">\u202fdomestic competitiveness and cross-border considerations.\u202f<\/span><br \/>\n<span data-contrast=\"auto\">\u202f<\/span><br \/>\n<span data-contrast=\"auto\">That divergence is now most visible in the implementation timelines across the U.S., EU, and UK.\u202f\u202f<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">In the United States, regulators\u00a0<\/span><a href=\"https:\/\/occ.treas.gov\/news-issuances\/news-releases\/2026\/nr-ia-2026-16.html\"><span data-contrast=\"none\">re-proposed the broader Basel endgame package<\/span><\/a><span data-contrast=\"auto\">\u00a0in\u202f<\/span><span data-contrast=\"auto\">March\u00a02026, following<\/span><span data-contrast=\"auto\">\u00a0extensive industry pushback to the 2023 proposal.\u202f\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">In the EU, concerns about preserving an international level playing field led the\u00a0European\u00a0Commission to postpone FRTB\u00a0implementation\u00a0first\u00a0to 1 January 2026 and then to 1 January 2027.\u00a0\u202f<\/span><span data-contrast=\"auto\">At the end of 2025<\/span><span data-contrast=\"auto\">, the Commission\u00a0<\/span><a href=\"https:\/\/finance.ec.europa.eu\/news\/commission-seeks-input-basel-iii-market-risk-rules-banks-2025-11-06_en\"><span data-contrast=\"none\">consulted on temporary Level 2 measures<\/span><\/a><span data-contrast=\"auto\">, including targeted adjustments and a\u00a0possible multiplier, to mitigate capital impacts from\u00a02027\u202fto\u00a02029.\u202f\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">The UK has taken a similarly pragmatic but more operationally focused approach:\u202f<\/span><span data-contrast=\"auto\">at the beginning of 2026<\/span><span data-contrast=\"auto\">,\u00a0the Prudential Regulation Authority (PRA)\u00a0<\/span><a href=\"https:\/\/www.bankofengland.co.uk\/prudential-regulation\/publication\/2026\/january\/implementation-of-the-basel-3-1-final-rules-policy-statement\"><span data-contrast=\"none\">finalized\u202fthe wider Basel 3.1 package\u00a0for\u00a01 January 2027<\/span><\/a><span data-contrast=\"auto\">,\u00a0and\u00a0deferred the FRTB Internal Model Approach (IMA) to 1 January 2028,\u202frecognizing\u202fthe added complexity for internationally active firms.\u202f\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW191257600 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW191257600 BCX0\">Together, these developments highlight that while the prudential end-state\u00a0<\/span><span class=\"NormalTextRun SCXW191257600 BCX0\">remains<\/span><span class=\"NormalTextRun SCXW191257600 BCX0\">\u00a0broadly aligned with Basel, implementation is evolving in a more jurisdiction-specific manner.<\/span><\/span><span class=\"EOP Selected SCXW191257600 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"786\" height=\"862\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FRTB-chart.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Overview of Divergence and\/or Convergence Across the Current UK, EU \u202fand U.S. Frameworks\u202f\u202f\" title=\"Overview of Divergence and\/or Convergence Across the Current UK, EU \u202fand U.S. Frameworks\u202f\u202f\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FRTB-chart.png 786w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FRTB-chart-552x605.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FRTB-chart-768x842.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/FRTB-chart-98x108.png 98w\" sizes=\"auto, (max-width: 786px) 100vw, 786px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW167831342 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW167831342 BCX0\">What are the data challenges behind FRTB implementation<\/span><\/span><span class=\"TextRun SCXW167831342 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW167831342 BCX0\">\u202f<\/span><\/span><span class=\"EOP Selected SCXW167831342 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">As\u202fFRTB\u202ftakes shape across\u202fjurisdictions, banks must ensure they can produce consistent market risk capital results despite differing regulatory calibrations.\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This challenge is\u202fas much\u202foperational as it is regulatory.\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under the <strong>Standardized Approach (SA)<\/strong>, capital calculations rely on accurate regulatory classifications across asset classes and jurisdictions. Bloomberg supports this by providing SA bucketing and risk weights for both the Sensitivities-Based Method (SBM) and the Default Risk Charge (DRC) for seven regimes. <\/span><\/p>\n<p><span data-contrast=\"auto\">A significant share of\u00a0the\u00a0implementation\u00a0challenges, however, arises from the treatment of indices and investment funds, whether under a look-through or\u00a0non look-through approach.\u00a0Firms must\u00a0determine\u00a0whether funds fall within the trading book or banking book, which requires\u00a0applying\u00a0a series of regulatory tests.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">These\u00a0tests\u00a0depend on multiple data inputs, including fund holdings, pricing information, and jurisdiction-specific thresholds. As transparency requirements vary across\u00a0jurisdictions, access to high-quality, consistent data becomes a key driver of\u00a0accurate\u00a0capital calculations.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For banks adopting the\u202f<strong>Internal Models Approach (IMA)<\/strong>,\u202fadditional\u202fdata requirements arise through the\u202f<strong>Risk Factor Eligibility Test (RFET)<\/strong>. Institutions must\u202fdemonstrate\u202fsufficient historical observations to classify risk factors as modellable, which directly influences capital charges and model approval.<\/span><\/p>\n<p><span data-contrast=\"auto\">Consistent pricing data, reference\u202fdata<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u202fand long historical time series therefore become essential components of the infrastructure\u202frequired\u202fto support FRTB implementation.<\/span><span data-contrast=\"auto\">\u202f<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun Underlined SCXW64681505 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW64681505 BCX0\">How Bloomberg supports regulatory workflows<\/span><\/span><span class=\"TextRun Underlined SCXW64681505 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW64681505 BCX0\">\u202f<\/span><\/span><span class=\"EOP Selected SCXW64681505 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Bloomberg provides data and analytics designed to support market risk and regulatory reporting workflows as banks prepare for FRTB and broader Basel III reforms. Bloomberg\u2019s FRTB SA and IMA solutions help institutions address key implementation challenges by delivering standardized regulatory classifications, transparent fund holdings data, and robust historical time series to support both the Standardized and Internal Model Approaches.\u00a0 <\/span><\/p>\n<p><span data-contrast=\"auto\">Bloomberg\u2019s Multi-Asset Risk System (MARS)\u00a0utilizes\u00a0Bloomberg data and the\u00a0instrument-level\u00a0pricing models that power the Terminal to\u00a0calculate\u00a0full\u00a0FRTB-SA\u00a0analytics\u00a0and capital\u00a0based on\u00a0jurisdiction-specific rules and parameters, including risk buckets, weights, and\u00a0correlations.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Transparency\u00a0remains\u00a0central to Bloomberg\u2019s\u00a0solutions, helping firms not only meet regulatory requirements but also better understand the inputs behind their calculations. Bloomberg provides clear methodologies and SOC 2\u2013certified controls, enabling clients to understand how regulatory classifications are applied.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">By integrating consistent pricing, reference data, and analytics into trading and risk systems, Bloomberg enables firms to align front-office, risk, and finance teams around a common set of regulatory inputs.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As the Basel III Endgame continues to evolve across\u00a0jurisdictions, access to reliable and consistent data will remain critical in helping banks navigate the final stages of implementation.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/professional.bloomberg.com\/solutions\/regulation\/frtb\">Click here<\/a> to learn more about Bloomberg FRTB solutions.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69d9c54eaced5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-69d9c54eae5c7\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-69d9c54eae5c7\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p style=\"font-size: 16px !important; line-height: 24px;\">The data and other information included in this publication is for illustrative purposes only, available \u201cas is\u201d, non-binding and constitutes the provision of factual information, rather than financial product advice. BLOOMBERG and BLOOMBERG INDICES (the \u201cIndices\u201d) are trademarks or service marks of Bloomberg Finance L.P. (\u201cBFLP\u201d). BFLP and its affiliates, including BISL, the administrator of the Indices, or their licensors own all proprietary rights in the Indices. Bloomberg L.P. (\u201cBLP\u201d) or one of its subsidiaries provides BFLP, BISL and its subsidiaries with global marketing and operational support and service. Certain features, functions, products and services are available only to sophisticated investors and only where permitted. Bloomberg (as defined below) does not approve or endorse these materials or guarantee the accuracy or completeness of any information herein, nor does Bloomberg make any warranty, express or implied, as to the results to be obtained therefrom, and, to the maximum extent allowed by law, Bloomberg shall not have any liability or responsibility for injury or damages arising in connection therewith. Nothing in the Services or Indices shall constitute or be construed as an offering of financial instruments by Bloomberg, or as investment advice or investment recommendations (i.e., recommendations as to whether or not to \u201cbuy\u201d, \u201csell\u201d, \u201chold\u201d, or to enter or not to enter into any other transaction involving any specific interest or interests) by Bloomberg. Information available via the Index should not be considered as information sufficient upon which to base an investment decision. All information provided by the Index or in this publication is impersonal and not tailored to the needs of any person, entity or group of persons. Absence of any trademark or service mark from this list does not waive Bloomberg\u2019s intellectual property rights in that name, mark or logo. For the purposes of this publication, Bloomberg includes BLP, BFLP, BISL and\/or their affiliates.<br \/>\nBISL is registered in England and Wales under registered number 08934023 and has its registered office at 3 Queen Victoria Street, London, England, EC4N 4TQ. BISL is authorised and regulated by the Financial Conduct Authority as a benchmark administrator.<\/p>\n<p style=\"font-size: 16px !important; line-height: 24px;\">\u00a9 2026 Bloomberg. All rights reserved.<\/p>\n\n<\/div>\n\n\n\t<\/div>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69d9c54eafcfd]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-69d9c54eafcfd'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right\"\n    style=\"\"\n    >\n    \n<div\n  id=\"cta_6389625407127288654\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"View all\"\n        >\n                      View all\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <script>\n    window.feed = window.feed || {};\n    window.feed['69d9c54eb1993'] = {\"config\":{\"uuid\":\"\",\"title\":\"\",\"filter_label\":\"\",\"post_type\":\"post\",\"order_by\":\"date\",\"direction\":\"desc\",\"show_date\":\"no\",\"show_excerpt\":\"no\",\"display\":\"limit\",\"filter\":\"OR\",\"max_items\":\"3\",\"skip_cache\":\"no\",\"feed_style\":\"grid\",\"published_date\":\"\",\"show_cta\":\"\",\"featured_image\":\"yes\",\"el_class\":\"\",\"terms_post\":\"category__data\",\"terms_page\":\"\",\"terms_attachment\":\"\",\"terms_webinar\":\"\",\"terms_vc_snippet\":\"\",\"terms_acf-field-group\":\"\",\"terms_acf-field\":\"\",\"terms_bbmegamenu\":\"\",\"terms_directory\":\"\",\"terms_datalayer\":\"\",\"terms_templatera\":\"\",\"terms_bbg-fourofour\":\"\",\"terms_reusable\":\"\",\"terms_cookie_items\":\"\",\"terms_bbl_email_subscriber\":\"\",\"terms_dynamic_table_ticker\":\"\",\"terms_bfix\":\"\",\"terms_quicklinks\":\"\",\"terms_interstitial\":\"\",\"terms_slide\":\"\",\"terms_gated_content_form\":\"\",\"terms_site_alert\":\"\",\"terms_country\":\"\",\"terms_region\":\"\",\"terms\":\"category__data\"},\"cpt\":{\"name\":\"post\",\"label\":\"Posts\",\"labels\":{\"name\":\"Posts\",\"singular_name\":\"Post\",\"add_new\":\"Add New\",\"add_new_item\":\"Add New Post\",\"edit_item\":\"Edit Post\",\"new_item\":\"New Post\",\"view_item\":\"View Post\",\"view_items\":\"View Posts\",\"search_items\":\"Search Posts\",\"not_found\":\"No posts found.\",\"not_found_in_trash\":\"No posts found in Trash.\",\"parent_item_colon\":null,\"all_items\":\"All Posts\",\"archives\":\"Post Archives\",\"attributes\":\"Post Attributes\",\"insert_into_item\":\"Insert into post\",\"uploaded_to_this_item\":\"Uploaded to this post\",\"featured_image\":\"Featured image\",\"set_featured_image\":\"Set featured image\",\"remove_featured_image\":\"Remove featured image\",\"use_featured_image\":\"Use as featured image\",\"filter_items_list\":\"Filter posts list\",\"filter_by_date\":\"Filter by date\",\"items_list_navigation\":\"Posts list navigation\",\"items_list\":\"Posts list\",\"item_published\":\"Post published.\",\"item_published_privately\":\"Post published privately.\",\"item_reverted_to_draft\":\"Post reverted to draft.\",\"item_trashed\":\"Post trashed.\",\"item_scheduled\":\"Post scheduled.\",\"item_updated\":\"Post updated.\",\"item_link\":\"Post Link\",\"item_link_description\":\"A link to a post.\",\"menu_name\":\"Posts\",\"name_admin_bar\":\"Post\"},\"description\":\"\",\"public\":true,\"hierarchical\":false,\"exclude_from_search\":false,\"publicly_queryable\":true,\"show_ui\":true,\"show_in_menu\":true,\"show_in_nav_menus\":true,\"show_in_admin_bar\":true,\"menu_position\":5,\"menu_icon\":\"dashicons-admin-post\",\"capability_type\":\"post\",\"map_meta_cap\":true,\"register_meta_box_cb\":null,\"taxonomies\":[],\"has_archive\":false,\"query_var\":false,\"can_export\":true,\"delete_with_user\":true,\"template\":[],\"template_lock\":false,\"_builtin\":true,\"_edit_link\":\"post.php?post=%d\",\"cap\":{\"edit_post\":\"edit_post\",\"read_post\":\"read_post\",\"delete_post\":\"delete_post\",\"edit_posts\":\"edit_posts\",\"edit_others_posts\":\"edit_others_posts\",\"delete_posts\":\"delete_posts\",\"publish_posts\":\"publish_posts\",\"read_private_posts\":\"read_private_posts\",\"read\":\"read\",\"delete_private_posts\":\"delete_private_posts\",\"delete_published_posts\":\"delete_published_posts\",\"delete_others_posts\":\"delete_others_posts\",\"edit_private_posts\":\"edit_private_posts\",\"edit_published_posts\":\"edit_published_posts\",\"create_posts\":\"edit_posts\"},\"rewrite\":false,\"supports\":null,\"show_in_rest\":true,\"rest_base\":\"posts\",\"rest_namespace\":\"wp\\\/v2\",\"rest_controller_class\":\"WP_REST_Posts_Controller\",\"rest_controller\":null,\"revisions_rest_controller_class\":false,\"revisions_rest_controller\":null,\"autosave_rest_controller_class\":false,\"autosave_rest_controller\":null,\"late_route_registration\":false},\"taxonomies\":[{\"taxonomy\":\"category\",\"terms\":[{\"term_id\":435,\"name\":\"Data\",\"slug\":\"data\",\"term_group\":0,\"term_taxonomy_id\":435,\"taxonomy\":\"category\",\"description\":\"\",\"parent\":0,\"count\":403,\"filter\":\"raw\"}]}],\"excluded_taxonomies\":{\"categories\":[]},\"post_id\":138722};\n<\/script>\n<div class=\"feed\" data-id=\"69d9c54eb1993\"><\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--margin-top-normal bbg-row--margin-bottom-normal bbg-row--full-bg-bleed\" data-anchor='row-69d9c54eb2b83'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_3.bbg-card_hasCta{\n\t\t\tbackground:#e6f3ff;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_3.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_3.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:black;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_3.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_3.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_3\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Get insights delivered to your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for Bloomberg Professional Services newsletter<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2368840215774101893\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>What does the revised U.S. Basel III Endgame proposal mean for banks? Regulators signal lower capital requirements, but key uncertainties\u202fremain\u202faround timelines and implementation details.\u202f<\/p>\n","protected":false},"author":1935,"featured_media":117382,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"457","footnotes":""},"categories":[435,457,453],"tags":[3698,3837],"series":[],"class_list":["post-138722","post","type-post","status-publish","format-standard","hentry","category-data","category-financial-services","category-markets","tag-enterprise-tech-and-data","tag-enttechdata_2026","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The U.S. Basel III Endgame\u202fenters a\u202fnew\u202fphase\u202f | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"What does the revised U.S. Basel III Endgame proposal mean for banks? Regulators signal lower capital requirements, but key uncertainties\u202fremain\u202faround timelines and implementation details.\u202f\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The U.S. Basel III Endgame\u202fenters a\u202fnew\u202fphase\u202f | Insights | Bloomberg Professional Services\" \/>\n<meta property=\"og:description\" content=\"What does the revised U.S. Basel III Endgame proposal mean for banks? Regulators signal lower capital requirements, but key uncertainties\u202fremain\u202faround timelines and implementation details.\u202f\" \/>\n<meta property=\"og:url\" content=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/\" \/>\n<meta property=\"og:site_name\" content=\"Bloomberg Professional Services\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/bloomberglp\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-10T15:26:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-10T19:11:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.bbhub.io\/professional\/sites\/41\/404808231.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"mkaczmarski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theterminal\" \/>\n<meta name=\"twitter:site\" content=\"@theterminal\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mkaczmarski\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/\"},\"author\":{\"name\":\"mkaczmarski\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/person\/303d143d0de94d7760ef9df6a4176754\"},\"headline\":\"The U.S. Basel III Endgame\u202fenters a\u202fnew\u202fphase\u202f\",\"datePublished\":\"2026-04-10T15:26:00+00:00\",\"dateModified\":\"2026-04-10T19:11:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/\"},\"wordCount\":\"2353\",\"publisher\":{\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#organization\"},\"keywords\":[\"Enterprise Tech and Data\",\"EntTechData_2026\"],\"articleSection\":[\"Data\",\"Financial Services\",\"Markets\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/\",\"url\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/\",\"name\":\"The U.S. Basel III Endgame\u202fenters a\u202fnew\u202fphase\u202f | Insights | Bloomberg Professional Services\",\"isPartOf\":{\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#website\"},\"datePublished\":\"2026-04-10T15:26:00+00:00\",\"dateModified\":\"2026-04-10T19:11:17+00:00\",\"description\":\"What does the revised U.S. Basel III Endgame proposal mean for banks? Regulators signal lower capital requirements, but key uncertainties\u202fremain\u202faround timelines and implementation details.\u202f\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#website\",\"url\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/\",\"name\":\"Bloomberg Professional Services\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#organization\",\"name\":\"Bloomberg Professional Services\",\"url\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png\",\"contentUrl\":\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png\",\"width\":\"512\",\"height\":\"103\",\"caption\":\"Bloomberg Professional Services\"},\"image\":{\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.instagram.com\/bloomberg\/\",\"https:\/\/www.linkedin.com\/showcase\/bloomberg-professional-service\/\",\"https:\/\/www.facebook.com\/bloomberglp\",\"https:\/\/twitter.com\/theterminal\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/person\/303d143d0de94d7760ef9df6a4176754\",\"name\":\"Bloomberg Professional Services\",\"url\":\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The U.S. Basel III Endgame\u202fenters a\u202fnew\u202fphase\u202f | Insights | Bloomberg Professional Services","description":"What does the revised U.S. Basel III Endgame proposal mean for banks? Regulators signal lower capital requirements, but key uncertainties\u202fremain\u202faround timelines and implementation details.\u202f","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/","og_locale":"en_US","og_type":"article","og_title":"The U.S. Basel III Endgame\u202fenters a\u202fnew\u202fphase\u202f | Insights | Bloomberg Professional Services","og_description":"What does the revised U.S. Basel III Endgame proposal mean for banks? Regulators signal lower capital requirements, but key uncertainties\u202fremain\u202faround timelines and implementation details.\u202f","og_url":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/","og_site_name":"Bloomberg Professional Services","article_publisher":"https:\/\/www.facebook.com\/bloomberglp","article_published_time":"2026-04-10T15:26:00+00:00","article_modified_time":"2026-04-10T19:11:17+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/assets.bbhub.io\/professional\/sites\/41\/404808231.jpeg","type":"image\/jpeg"}],"author":"mkaczmarski","twitter_card":"summary_large_image","twitter_creator":"@theterminal","twitter_site":"@theterminal","twitter_misc":{"Written by":"mkaczmarski","Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/#article","isPartOf":{"@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/"},"author":{"name":"mkaczmarski","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/person\/303d143d0de94d7760ef9df6a4176754"},"headline":"The U.S. Basel III Endgame\u202fenters a\u202fnew\u202fphase\u202f","datePublished":"2026-04-10T15:26:00+00:00","dateModified":"2026-04-10T19:11:17+00:00","mainEntityOfPage":{"@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/"},"wordCount":"2353","publisher":{"@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#organization"},"keywords":["Enterprise Tech and Data","EntTechData_2026"],"articleSection":["Data","Financial Services","Markets"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/","url":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/","name":"The U.S. Basel III Endgame\u202fenters a\u202fnew\u202fphase\u202f | Insights | Bloomberg Professional Services","isPartOf":{"@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#website"},"datePublished":"2026-04-10T15:26:00+00:00","dateModified":"2026-04-10T19:11:17+00:00","description":"What does the revised U.S. Basel III Endgame proposal mean for banks? Regulators signal lower capital requirements, but key uncertainties\u202fremain\u202faround timelines and implementation details.\u202f","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-u-s-basel-iii-endgame-enters-a-new-phase\/"]}]},{"@type":"WebSite","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#website","url":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/","name":"Bloomberg Professional Services","description":"","publisher":{"@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#organization","name":"Bloomberg Professional Services","url":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/logo\/image\/","url":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png","contentUrl":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png","width":"512","height":"103","caption":"Bloomberg Professional Services"},"image":{"@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.instagram.com\/bloomberg\/","https:\/\/www.linkedin.com\/showcase\/bloomberg-professional-service\/","https:\/\/www.facebook.com\/bloomberglp","https:\/\/twitter.com\/theterminal"]},{"@type":"Person","@id":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/#\/schema\/person\/303d143d0de94d7760ef9df6a4176754","name":"Bloomberg Professional Services","url":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023"}]}},"_links":{"self":[{"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/posts\/138722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/users\/1935"}],"replies":[{"embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/comments?post=138722"}],"version-history":[{"count":10,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/posts\/138722\/revisions"}],"predecessor-version":[{"id":138866,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/posts\/138722\/revisions\/138866"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/media\/117382"}],"wp:attachment":[{"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/media?parent=138722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/categories?post=138722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/tags?post=138722"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/series?post=138722"},{"taxonomy":"type","embeddable":true,"href":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/wp-json\/wp\/v2\/type?post=138722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}