Enabling market participants to differentiate across players and to price risks appropriately is therefore a highly valuable outcome. As we have seen, the concept of transparency relates to many different areas such as the domain of sovereign risks and the interaction between sovereign borrowers and their private creditors and investors as well as to financial markets of industrialized countries.
BIS Review 94/1997  -5-  Today’s technology enables single individuals to initiate massive transactions with very rapid execution. Clearly, not only has the productivity of global finance increased markedly, but so, obviously, has the ability to generate losses at a previously inconceivable rate.