During the past year the new liquidity regime and the UK's Financial Services Authority (FSA) consultation papers have been surrounded by talks of tight deadlines, little preparation and lack of knowledge. And with around 900 data items specified in the regulation, the challenge for the back office is huge. Firms are not confident they will be compliant with the FSA's 2010 deadlines.

Still, the date that concerns the industry is December 1, 2009 - when the systems and controls for liquidity risk

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