The International Organisation of Securities Commissions issued a report that recommends changes to bolster transparency and oversight of the credit default swaps and securitisation markets. IOSCO's recommendations include a requirement that originators or sponsors retain long-term exposure to securitisations. "IOSCO acknowledges that financial innovation will always be a hallmark of a vibrant financial system. However, such innovation need not, and should not, occur at the cost of investor protection and market confidence," said Kathleen Casey of IOSCO.

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