BBA, LIBA and ISDA have written a joint response to FSA’s consultation on liquidity standards. The associations urge FSA to focus on a regime for systemically significant firms, with a proportionate approach for simpler ones. They also feel firms with overseas parents that are not significant players in UK retail deposit markets should have waivers from FSA requirements so the UK is still a diverse place to do business. It also warns of the importance of new liquidity rules not counteracting UK economic recovery. The response gives detailed answers to FSA’s questions.