In 2021, banks in the US must be setting the groundwork for meeting the January 2023 deadline for the Fundamental Review of the Trading Book (FRTB). This year, US regulatory agencies are expected to issue a notice of proposed rulemaking (NPR) that will include finalized rules for FRTB. This will be followed by a hypothetical portfolio exercise and comment period. Because of uncertainty arising from the COVID-19 pandemic, the exact timing of the publication date will be difficult to predict. However, the goal of meeting the 2023 deadline is viewed as a high priority given the need for consistency across jurisdictions in terms of both implementation timing and the capital framework.