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Private credit has become an increasingly popular asset class among investors seeking higher yields and diversification. However, the performance of these investments remains heavily dependent on the skills and expertise of the private credit manager.

This white paper provides a granular, regulation-text-based comparison of the market risk and CVA risk provisions in the 2023 NPR (September 18, version) and the 2026 NPR (March 19, 2026).

Private credit has become embedded as a core asset class over the past few years, and its popularity has continued into the fourth quarter of 2025. From a niche institutional strategy, it has evolved into a structural allocation for insurance, wealth and retail investors.

The Fundamental Review of the Trading Book (FRTB) represents a pivotal regulatory effort to strengthen market risk management and the capital framework governing the trading activities of banks. While some jurisdictions are already in advanced stages of implementing FRTB, others have deferred or recalibrated their deadlines.

The turbulence triggered by higher tariffs levied by the United States last year did not significantly impact global macroeconomic conditions.

Real gross domestic product (GDP) growth in the United States (US) eased sharply to an annualized 0.7% in the fourth quarter of 2025 from 4.4% in the third quarter