1. Market discipline has long been recognised as a key objective [See, for instance, BCBS, November 1995, Public disclosure of the trading and derivatives activities of banks and securities firms, accessible at http://www.bis.org/publ/bcbs21.htm.] of the Basel Committee on Banking Supervision (hereafter the "Committee" or "BCBS"). The provision of meaningful information about common key risk metrics to market participants is a fundamental tenet of a sound banking system. It reduces information asymmetry and helps promote comparability of banks’ risk profiles within and across jurisdictions. Pillar 3 of the Basel framework aims to promote market discipline through regulatory disclosure requirements. These requirements enable market participants to access key information relating to a bank’s regulatory capital and risk exposures in order to increase transparency and confidence about a bank’s exposure to risk and the overall adequacy of its regulatory capital.