I think that a stronger international initiative and joint effort of the statistics community as well of the policy makers in reexamining the concept of confidentiality is warranted, of course without jeopardizing the protection of the confidentiality of individual data by reporters, but stimulating coherence and cooperation. 6  BIS central bankers’ speeches
(1999), “  Do efficient financial markets mitigate financial crises?”, speech before the 1999 Financial Markets Conference of the Federal Reserve Bank of Atlanta, Sea Island, Georgia, 19 October. [4] The net asset value spread refers to the difference between the price at which exchange-traded fund shares trade and the net asset value of the underlying portfolio held by the fund per share. This may also suggest that exchange-traded fund prices provided more upto-date information, thereby supporting price discovery. See Financial Stability Board (2020),  Holistic Review of the March Market Turmoil, 17 November. [5] Duffie, D. (2020), “  Still the World’s Safe Haven? Redesigning the U.S. Treasury Market after the COVID-19 Crisis”, Hutchins Center Working Papers, No 62, June. [6] It is even conceivable that the market turmoil could have been worse without the more stringent regulatory requirements on dealers, which helped to ensure their resilience during the spring. [7] At the same time, higher cash holdings were associated with substantially weaker performance in 2018-19 compared with previous years, potentially reflecting the high costs of holding cash in a low interest rate environment. [8] Schrimpf, A. et al. (2020), “  Leverage and margin spirals in fixed income markets during the Covid-19 crisis”, BIS Bulletin, No 2, Bank for International Settlements, 2 April. [9] Vivar, L.M. et al. (2020), “  Burned by leverage? Flows and fragility in bond mutual funds”, Working Paper Series, No 2413, ECB, May. [10] Vassallo, D. et al.