• encourage co-operation among regulators of different types and between regulators and insolvency practitioners.

• develop a protocol on the organization, timing and type of assistance they should extend to foreign administrators.

• take steps to reduce risks in clearance and settlement.

• help establish standards on the hand-over of proprietary models by insolvent firms to potential purchasers.

• sponsor a forum to explore ways to speed up the process of assigning a portfolio of over-the-counter derivatives.

Regulators should:

• take the insolvency regime in the home country into account when licensing the operations of foreign financial firms.

Administrators should:

• endeavor to provide speed and certainty in the handling of international financial insolvencies as they develop broader measures to improve cooperation, recognition and access to insolvency proceedings.

• enact laws to ensure judicial cooperation, access and recognition in international financial insolvencies, preferably supporting the norms of universality.

• as soon as possible, eliminate any doubts about close-out netting.

• in countries where no clear distinction is drawn between house and client assets, amend the law to clarify the position.

• legislate to make it possible for administrators of financial firms to continue trading, in the interests of managing market risk.

• develop industry standards for monitoring, measurement and management of all sizable exposures by legal entity of counterparty, form of documentation and law of jurisdiction.

• develop industry standard for keeping up-to-date information on all significant exposures in a central location and in a readily available, standard form.

• pursue reliable means for settling claims across instrument type, including through development or endorsement of a single master agreement.