As the end of the month nears, the ABCP market awaits the introduction of new eligibility requirements for liquidity facilities under the FIN 46 capital relief provisions, which are also set to take effect on Sept. 30. Speaking at the American Securitization Forum Sunset Seminar, JPMorgan Securities' Debbie Toennies reiterated concerns over whether U.S.-sponsored securities arbitrage programs were viable under the rule as it now stands.

"Liquidity must now be eligible to attract liquidity capital," Toennies said. "The primary problem lies in the definition of eligibility."

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