As I mentioned at the outset, even more work needs to be done to ensure that the lessons we have learned over the past two years become engrained in standard practice and to ensure that effective market discipline is brought to bear on the risk-taking of hedge funds and other entities that make use of significant financial leverage.
In particular, we look forward to the reports and recommendations of the Counterparty Risk Management Policy Group that will provide additional practical tools for implementing both industry and supervisory sound practices in counterparty credit risk management. BIS Review 36/1999  8