In January of this year, the committee issued a revised final version of the LCR, following an endorsement by its governing body, the Group of Governors and Heads of Supervision (GHOS). The revision expands the range of assets that can count as HQLA and also adjusts some of the assumptions that govern the modeling of net outflows in a stress scenario.
We are, of course, aware of the fact that a slow pace of reform increases regulatory uncertainty for market participants. But up to now, policy development has proceeded according to agreed and very ambitious timelines, reducing the uncertainty as far as possible.