•  Strengthen the operational infrastructure for over-the-counter (OTC) derivatives, with central counterparty clearing for OTC credit derivatives now launched in the United States and in Europe. •  Enhance transparency and valuation, with consistent guidance now issued by accounting standards setters in a number of areas.
•  Improve the role and use of credit ratings, with a revised Code of Conduct Fundamentals for Credit Rating Agencies issued by the International Organization of Securities Commissions (IOSCO) last year and substantial implementation by the rating agencies. •  Strengthen information exchange among authorities, with supervisory colleges now established for most global banks.