Work is also in progress on other relevant issues at an international level (capital requirements for exposures to central counterparties, margining standards for noncentrally cleared transactions, as well as on authorities’ access to trade repository data) and at a regional and national level.
It will be crucial to ensure that stricter regulation and supervision of banks will not push banklike activities and risks towards non – or less – regulated institutions (the so-called “shadow banking” sector). Let us not forget that the financial crisis originated in the US securitization market, largely populated by unregulated or scantily regulated operators.