A key support for market discipline is the information that market participants have for evaluating the creditworthiness of counterparties. Over the past decade, enormous attention has been given to disclosures market participants make with regard to their risk exposures, particularly those associated with derivatives activities. Both public authorities and private-sector working groups have recommended ways to enhance market discipline through improved public disclosures.
However, a comprehensive assessment taking into account all relevant measures and their effects would be helpful in 1/2  BIS central bankers' speeches  informing macroprudential decisions. For example, article 458 is considerably more difficult and time-consuming to use than Pillar 2 instruments, which in our view should not be used as primary macro-prudential policy instrument. Therefore, removing the “pecking order” in CRR Art.