The WFE welcomes the FSB’s consultative report regarding non-bank financial intermediary Liquidity Preparedness For Margin & Collateral Calls. In our response, we support the standard setters’ efforts to identify causes of inadequate preparedness for non-banks during times of stress, and their highlighting of liquidity risk management and governance arrangements as key weaknesses in the sector. We encourage follow-up output to consider the knock-on effects of other regulatory initiatives which may impact liquidity preparedness.