The coordination between cash and derivative markets was reviewed by selecting specific questions of policy measures related to coordination and by reaching agreements on these different subjects. The paper on "Contract Design of Derivative Products on Stock Indices" was approved by the Technical Committee at its Geneva meeting in January 1992, and the paper on "Measures to Minimize Market Disruption" was approved by the Technical Committee at its Quebec meeting in July 1992. The Working Party will continue to consider specific policy measures related to the coordination between cash and derivative markets.

With the rapid development of derivative markets, coordination between cash and derivative markets has become increasingly important, not only at the domestic level, but also at the international level. The Technical Committee believes that the two papers agreed upon are highly constructive and very useful for regulatory authorities and markets in the course of proper supervision or operation of cash and derivative markets.