More transparency is first step after gilts turmoil, says Bank of England

LONDON (Reuters) – Improving transparency in ‘non-banks’ is a first step to applying lessons from last month’s turmoil in Britain’s government bond market, but more will need to be done, Bank of England executive director Sarah Breeden said on Monday.

“Transparency is an important first step. That enables the necessary next step of ensuring non-banks’ positions and interlinkages with the rest of the financial system can be comprehensively stress-tested and understood in a system-wide manner,” Breeden told an event held by derivatives industry body ISDA and hedge fund sector body AIMA.

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