These reports also provide information designed to help supervisors interpret whether changes in an institution's debt spread or expected default frequency are significant. Early feedback from line supervisors has been quite positive. Indeed, the Board has instructed supervisory and research staff to devote substantial efforts to improving our ability to use market information in our surveillance activities.
A beginning has been made in organized cooperation between the regulators on the regulation of such conglomerates, with agreement on who would be the lead regulator in each case. In the United States, it is a financial holding company that is at the core of each conglomerate, with each company being its subsidiary.