A seemingly minor clarification in the final US net stable funding ratio (NSFR) could represent a major change to how bankers interpret the rule, by effectively allowing large banks to assign funding more easily across the group in order to comply with the ratio at a consolidated level.

“Everybody was so happy about it,” says one senior regulation official at a global systemically important bank (G-Sib). “It’s a big, big, big benefit.”

Two other liquidity managers from G-Sibs confirm this