Banking and securities supervisors need to pick "lead regulators" to better oversee global financial firms, a top Bank of England official said.

Speaking Thursday at the annual meeting of the International Swaps and Derivatives Association here, Michael Foot, executive director for financial stability at the British central bank, said that by taking charge in a crisis and fostering information-sharing in calmer times, these lead agencies could help avert the likes of last year's Barings Bank debacle.

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