Wall Street’s commitment to buying back auction-rate securities rose to more than $48bn on Thursday as JPMorgan and Morgan Stanley joined other banks that pledged to repurchase such debt instruments from investors, reports the FT. But in a departure from previous settlements, the SEC was not party to the latest bank agreements with Andrew Cuomo, the New York attorney-general, and a taskforce of 12 state securities regulators. JPMorgan and Morgan Stanley have agreed collectively to buy back about $7bn worth of ARS from retail investors, and pay fines of $25m and $35m respectively. They would also compensate investors who sold ARS at a loss and consent to a public arbitration process to resolve claims.