As mentioned in the report, while understanding the differences among the collateral frameworks is important and having transparency in this respect is absolutely essential in the current environment, there should be no call for ultimate unification of collateral rules, given the different purposes for which collateralisation is provided.
Market participants will have to manage their respective pools of collateral in a way that allows them to provide collateral for different purposes, such as collateralisation in central bank operations, as assets in liquidity buffers of regulators and as margin requirements with central counterparties.