On November 8, the International Swaps and Derivatives Association, Inc (“ISDA”), Global Financial Markets Association (“GFMA”) and the Institute of International Finance ("IIF") (together “the Associations”), submitted their initial response on the Quantitative Impact Study (“QIS”) of the Basel Committee on Banking Supervision (“BCBS”) Second Consultative Document Fundamental Review of the Trading Book dated October 2013 (“Fundamental Review” or “FRTB”). A full and detailed evaluation of the QIS feasibility will follow prior to the January 31, 2014 deadline.