EBF has responded to the Basel Committee's proposals for a revised leverage ratio. It makes remarks similar to those in the response, as regards derivatives and securities financing transactions, by the International Swaps and Derivatives Association (ISDA) and the Global Financial Markets Association (GFMA) (see FReD 27 September). It also stresses how the leverage ratio punishes buffers of cash and other highly liquid assets built up to meet the Liquidity Coverage Ratio requirements and, regarding trade finance, proposes to reduce the credit conversion factor from 100% to 20%, as the EU has done in CRR leverage ratio provisions. (Source: EBR Response on Revised Leverage Ratio)