4  BIS Review 44/2007  Compared to bonds, equities are more heterogeneously structured, and the integration of equities markets across countries is less far advanced. It is clear, however, that share indices in the USA, the euro area and in Denmark are influenced by the same factors (slide 9). Denmark's integration into the global financial markets is indisputable.
The Basel I framework has already been amended more than twenty-five times in response to changes in banking products and the banking environment and as a result of a better understanding of the risks of individual products and services. The U.S. agencies believe that now is another appropriate time to amend the Basel I rules.