The Barings failure also identified a need for rapid communication among widely dispersed market authorities in times of crisis, not only to help them take actions on an informed basis, but also to enable them to provide authoritative and timely information to the markets and forestall possible uninformed reactions by traders and market authorities alike. Accordingly, the Windsor Declaration called for the development of measures to enhance existing emergency procedures at financial intermediaries, market members, and markets. This goal has been advanced by the following: - the MOU and Declaration of March 15, 1996 which include emergency contact lists;
- the March IOSCO Technical Committee Report containing a paper on Cooperation Between Market Authorities, which outlines the views of the Technical Committee on cooperation between market authorities with regard to the monitoring of and exchange of information on large exposures on futures and options markets.
- the development by IOSCO of an international contact list for use in market emergencies, and at other times, which can be accessed on lOSCO's newly developed Internet Home Page by IOSCO members; and
- the FIA Global Task Force crisis protocol project setting out agreed action by exchanges and clearing organizations, both individually and in cooperation, in the event of a crisis.
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