SEC chairman backs update to liquidity guidelines

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WASHINGTON, DC – In a letter to the chairman of the Basel Committee on Banking Supervision, Christopher Cox, chairman of the Securities and Exchange Commission (SEC) has said he strongly supports the group's decision to update the guidance for managing liquidity in banking organisations.

He also stated Bear Stearns had exceeded regulators' capital requirements even as its sale to JP Morgan was announced. "Counterparty withdrawals and credit denials, resulting in a loss of liquidity – not

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