Draft plan outlines standardised disclosure requirements for derivatives trades
Reuters writes:
The Committee on Payment and Settlement Systems (CPSS) of central bankers and the International Organization of Securities Commissions (IOSCO) want lenders to report trades according to global minimum requirements from the end of 2012.
This would apply to both financial institutions entering in derivatives trades and the central counterparties that will be used for clearing and settlement. The aim is to prevent panics such as the Lehman collapse in 2008, when no one knew exactly what exposure other parties had to Lehman.
The consultative paper is available on the BIS website.
