Of the various efforts to improve market infrastructure, let me mention the study called the “Fisher II” project, being undertaken by the Multi-disciplinary Working Group on Enhanced Disclosure, chaired by Mr Peter Fisher of the Federal Reserve Bank of New York.
This developed from the study by the central bank group at the BIS, and it is currently examining ways to improve disclosure necessary for evaluating counterparty risk in collaboration with the supervisory authorities of banks, securities companies, and insurance companies, as well as with the support of major market participants.