• Market authorities for related cash and derivative markets should consult with each other on a timely basis with a view toward minimizing the adverse effects of market disruption, especially during such a disruption.

• Although the points of consensus set forth in this paper were reached with respect to the oversight of related cash and derivative products, there may be analogous concerns as to the oversight of derivative markets whose products are correlated as to price and cross listed cash products.

• Information concerning the related cash or derivative market is useful for the purpose of developing approaches to minimize the adverse effects of market disruption. Such approaches range from unilateral actions to cooperative or coordinated responses.

• The information which may be needed to develop approaches to minimize the adverse effects of market disruptions include:

- contingency plans, contact persons and structural measures to address market disruption,

- market conditions:

-- actions taken under contingency plans, market interventions and implementation of structural measures,

-- prices,

-- trading activities such as trading volume, state of program trading, including arbitrage transactions,

-- aggregate market data, such as open interests of related products and clearing data.

• Market authorities for related cash and derivative markets should be encouraged to develop mechanisms to share the aforesaid information.

• Market participant information specifically related to the market disruption, including the positions of firms, also may be relevant. However, the sensitivity of such information and confidentiality and other legal constraints may restrict how or whether it is provided and who is a competent authority to provide, receive and use it.

• To the extent possible, information should be available to the market authority or authorities with supervisory responsibility for acting on the information shared.

• The design of mechanisms for sharing information on related cash and derivative markets to minimize the adverse effects of market disruptions should take into account the following:

- which market authority, whether governmental, quasi-governmental or private, has access to and is able to provide the information,

- how such access can be obtained under applicable law,

- confidentiality and use restrictions under applicable law,

- the form and timing of the sharing,

- the applicability of other arrangements, including MOUs, between such authorities for sharing investigative and financial information, and

- the advisability of expressly limiting liability.