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The G20 Finance Ministers and Central Bank Governors recommitted to developing by end-2010 internationally agreed rules to improve both the quantity and quality of bank capital and to discourage excessive leverage. The new rules will be phased in by end-2012 and shall be complemented by strong supervision, G20 members stated.
Members also reiterated the importance of achieving a single set of high quality, global accounting standards and welcomed the work undertaken by the FSB on standards for central clearing and trading on exchanges for standardized OTC derivative contracts and their reporting to trade repositories. They also welcomed a consistent and coordinated oversight of hedge funds and credit rating agencies.
The FSB will issue a progress report for the G20 June meeting in