WASHINGTON -- Increased disclosure of international derivatives activities will streamline markets and improve the public image of the controversial financial instruments, a group of international financial institutions said Thursday.
The Institute of International Finance also backed the views of U.S. regulators, who have argued that they already have sufficient power to regulate derivatives. The U.S. agencies have argued that new legislation is not needed.
The institute's report urged financial institutions to make use of a new series of tables to detail their derivatives activities and credit exposure.
The trade group, which represents large, international lenders, said the tables, which it designed should be used in annual reports
'There's a common agreement that there's a need for more transparency," said Charles Dallara the group's managing director "People will have a better understanding of who's doing what with what."