"Liquidity regulation has to change, fundamentally. In this area, bluntly, regulators across the world took their eyes off the ball, focusing too much on the intricacies of capital regulation." That was the damning analysis made by Adair Turner, chairman of the UK Financial Services Authority (FSA), on delivering the Turner Review, his detailed response to the global banking crisis, on March 18.
While it is certainly true major regulatory doctrines such as the Basel Accord have neglected liquidi
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