Wednesday

Canadian banks to improve disclosure

Canadian banks will improve certain disclosure practices as urged by the G7 in its recent Financial Stability Forum report. The severity of the financial crisis has prompted an extraordinary meeting of the heads of the central bank, the country's banking regulator, the federal Finance Department and the big banks, who will gather this morning to talk about what Canada should do to prevent another liquidity crisis. Within 100 days, Canadian banks will establish and adopt "leading practices for disclosure" by tweaking the way they disclose bank securities at mark-to-market values, among other items. Policy makers and regulators are under pressure to show they are taking action in the wake of the financial turmoil that's reverberated in markets around the world.

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