Guide The Years Following: Intro

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A worldwide community of makers - students, hobbyists, artists, programmers, and professionals - has gathered around this open-source platform, their contributions have added up to an incredible amount of accessible knowledge that can be of great help to novices and experts alike. Arduino was born at the Ivrea Interaction Design Institute as an easy tool for fast prototyping, aimed at students without a background in electronics and programming.

As soon as it reached a wider community, the Arduino board started changing to adapt to new needs and challenges, differentiating its offer from simple 8-bit boards to products for IoT applications, wearable, 3D printing, and embedded environments. All Arduino boards are completely open-source, empowering users to build them independently and eventually adapt them to their particular needs.

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The software , too, is open-source, and it is growing through the contributions of users worldwide. Thanks to its simple and accessible user experience, Arduino has been used in thousands of different projects and applications.

The Arduino software is easy-to-use for beginners, yet flexible enough for advanced users. It runs on Mac, Windows, and Linux. Teachers and students use it to build low cost scientific instruments, to prove chemistry and physics principles, or to get started with programming and robotics.

Designers and architects build interactive prototypes, musicians and artists use it for installations and to experiment with new musical instruments. Makers, of course, use it to build many of the projects exhibited at the Maker Faire, for example. The Accord was always intended to evolve over time. It was amended in November to more precisely define the general provisions or general loan loss reserves that could be included in the capital adequacy calculation.

In April , the Committee issued another amendment , to take effect at the end of that year, to recognise the effects of bilateral netting of banks' credit exposures in derivative products and to expand the matrix of add-on factors. In April , another document was issued explaining how Committee members intended to recognise the effects of multilateral netting.

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The Committee also refined the framework to address risks other than credit risk, which was the focus of the Accord. This was designed to incorporate within the Accord a capital requirement for the market risks arising from banks' exposures to foreign exchange, traded debt securities, equities, commodities and options.

An important aspect of the Market Risk Amendment was that banks were, for the first time, allowed to use internal models value-at-risk models as a basis for measuring their market risk capital requirements, subject to strict quantitative and qualitative standards. Much of the preparatory work for the market risk package was undertaken jointly with securities regulators. In June , the Committee issued a proposal for a new capital adequacy framework to replace the Accord. This led to the release of a revised capital framework in June Generally known as "Basel II", the revised framework comprised three pillars:.

The new framework was designed to improve the way regulatory capital requirements reflect underlying risks and to better address the financial innovation that had occurred in recent years. The changes aimed at rewarding and encouraging continued improvements in risk measurement and control. The framework's publication in June followed almost six years of intensive preparation. During this period, the Basel Committee consulted extensively with banking sector representatives, supervisory agencies, central banks and outside observers in order to develop significantly more risk-sensitive capital requirements.

Following the June release, which focused primarily on the banking book, the Committee turned its attention to the trading book. In close cooperation with the International Organization of Securities Commissions IOSCO , the international body of securities regulators, the Committee published in July a consensus document governing the treatment of banks' trading books under the new framework. For ease of reference, this new text was integrated with the June text in a comprehensive document released in June Basel II: International convergence of capital measurement and capital standards: A revised framework - Comprehensive version.

Committee members and several non-members agreed to adopt the new rules, albeit on varying timescales. One challenge that supervisors worldwide faced under Basel II was the need to approve the use of certain approaches to risk measurement in multiple jurisdictions. While this was not a new concept for the supervisory community - the Market Risk Amendment of involved a similar requirement - Basel II extended the scope of such approvals and demanded an even greater degree of cooperation between home and host supervisors.

To help address this issue, the Committee issued guidance on information-sharing in , followed by advice on supervisory cooperation and allocation mechanisms in the context of the advanced measurement approaches for operational risk.

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Even before Lehman Brothers collapsed in September , the need for a fundamental strengthening of the Basel II framework had become apparent. The banking sector entered the financial crisis with too much leverage and inadequate liquidity buffers. These weaknesses were accompanied by poor governance and risk management, as well as inappropriate incentive structures. The dangerous combination of these factors was demonstrated by the mispricing of credit and liquidity risks, and excess credit growth.

Responding to these risk factors, the Basel Committee issued Principles for sound liquidity risk management and supervision in the same month that Lehman Brothers failed. In July , the Committee issued a further package of documents to strengthen the Basel II capital framework, notably with regard to the treatment of certain complex securitisation positions, off-balance sheet vehicles and trading book exposures.

These enhancements were part of a broader effort to strengthen the regulation and supervision of internationally active banks, in the light of weaknesses revealed by the financial market crisis. This followed an agreement reached in July regarding the overall design of the capital and liquidity reform package, now referred to as "Basel III".

In November , the new capital and liquidity standards were endorsed at the G20 Leaders' Summit in Seoul and subsequently agreed at the December Basel Committee meeting. The proposed standards were issued by the Committee in mid-December and have been subsequently revised. The December versions were set out in Basel III: International framework for liquidity risk measurement, standards and monitoring and Basel III: A global regulatory framework for more resilient banks and banking systems.

The enhanced Basel framework revises and strengthens the three pillars established by Basel II, and extends it in several areas. Most of the reforms are being phased in between and From , the Committee turned its attention to improvements in the calculation of capital requirements.

The risk-based capital requirements set out in the Basel II framework were expanded to cover:. The Committee completed its Basel III post-crisis reforms in , with the publication of new standards for the calculation of capital requirements for credit risk, credit valuation adjustment risk and operational risk.


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The final reforms also include a revised leverage ratio, a leverage ratio buffer for global systemically important banks and an output floor, based on the revised standardised approaches, which limits the extent to which banks can use internal models to reduce risk-based capital requirements. These final reforms address shortcomings of the pre-crisis regulatory framework and provide a regulatory foundation for a resilient banking system that supports the real economy.

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A key objective of the revisions was to reduce excessive variability of risk-weighted assets RWA. At the peak of the global financial crisis, a wide range of stakeholders lost faith in banks' reported risk-weighted capital ratios. The Committee's own empirical analyses also highlighted a worrying degree of variability in banks' calculation of RWA. The revisions to the regulatory framework will help restore credibility in the calculation of RWA by enhancing the robustness and risk sensitivity of the standardised approaches for credit risk and operational risk, constraining internally modelled approaches and complementing the risk-based framework with a revised leverage ratio and output floor.

Under its Charter, Committee members agree to implement fully Basel standards for their internationally active banks. These standards constitute minimum requirements and BCBS members may decide to go beyond them. The R egulatory Consistency Assessment Programme RCAP consists of two distinct but complementary workstreams to monitor the timely adoption of Basel III standards and to assess the consistency and completeness of the adopted standards, including the significance of any deviations from the regulatory framework.