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Subjects / Resolution and Recovery

Newsletter Mar 2008: Top US regulator backs new global liquidity rules

Simon Turmaine | March 22, 2008

WASHINGTON – Strong public backing for an updating of international rules governing bank liquidity management has come from Christopher Cox, chairman of the Securities and Exchange Commission (SEC), the US securities markets watchdog. In a March 20 letter to Nout Wellink, chairman of the Basel Committee, Cox says the demise of Bear Stearns, the American investment bank, a few days earlier, had been caused by the disappearance of liquidity, not a lack of capital.

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