The differences of tax treatment that penalize asset management products vis-à-vis competing instruments must be eliminated. Lastly, the asset management industry’s strategies and organizational arrangements need to be reviewed.
BIS Review 20/2010  5  As a consequence of the crisis a trend is taking hold, with strong encouragement from central banks and the Financial Stability Board, to shift over-the-counter trading to organized markets, to use central counterparties that can minimize the risks for individual participants and to centralize the data on contracts in so-called trade repositories.