The WFE and its members share regulatory authorities’ goals of ensuring the safety and soundness of the global financial system, which is critical to enhancing investor and consumer confidence, and promoting economic growth. In our view, the key areas that warrant further analysis and policy work are an overall increased transparency in non-centrally cleared markets, which are still very opaque. The lack of detailed data on the performance of non-centrally cleared markets as opposed to the granular data on centrally cleared markets contained in the BCBS-CPMI-IOSCO report prevents an adequate overview of the whole financial system during the market turmoil in early 2020. In addition to that, an increased transparency from intermediaries, especially in relation to liquidity management and calls for liquidity (e.g., margin calls) to their clients, particularly in March 2020. Furthermore, we believe intermediaries should make regular public disclosures on their centrally cleared and non-centrally cleared positions.