And as the bloggers at Naked Capitalism point out, the Basel committee focused on setting capital levels but did not address liquidity standards or accounting, two other crucial issues facing the banking industry.

FORBES: New Capital Rules Not Much of a Stretch for US Banks

Some of these risks, according to Upendra Choudhary, senior vice president of credit services at Amba Research, include trading risk (some of these markets are thinly traded and have low liquidity), political risk and transparency risk (some areas have no or at least confusing accounting standards).

FORBES: The Next Frontier