None of this is new. The need for such reforms is widely recognised, and in many of these areas measures have already been adopted. However, the pace of implementation remains slow, meaning that the benefits are not yet visible. At the present critical juncture, all of these reforms must be pushed forward simultaneously, with boldness and resolve and without being watered down.
(ii)  Bilateral collateralisation: though bilateral collateralisation is considered an efficient, though sub-optimal, solution to central clearing, it involves significant trade-offs.   BIS Review 102/2010  Move towards increased collateralisation could increase cost for hedging by the real sector and place huge premium on availability of good quality collateral.