Following on from its recent testing procedures for the submission of liquidity risk reporting data to its online regulatory reporting system (see details here), the UK Financial Services Authority (FSA) has indicated that rather than accepting spreadsheets for all data as first planned, firms will need to prepare XML submissions. The regulator notes that the manual online or offline keying of data items, especially those required in the FSA047 reports, will be “impractical for all but the simplest set of liquidity assets and liabilities”.

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