News release: “”The Financial Services Authority (FSA)..published its final rules on the liquidity requirements expected of firms. The far-reaching overhaul, designed to enhance firms liquidity risk management practices, is based on the lessons learned since the start of the credit crisis in 2007. The new rules will require changes to firms business models and will bring about substantial long-term benefits to the competitiveness of the UK financial services sector. Londons competitive position depends on counterparties perception of the financial soundness of the firms that operate in the UK. Low-levels of financial soundness cannot provide sustainable long-term competitive advantage. The FSAs new requirements are designed to protect customers, counterparties and other participants in financial services markets from the potentially serious consequences of imprudent liquidity risk management practices.”
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