Mumbai: In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank of India (RBI) panel suggested tighter norms for reporting and monitoring of interest rate and forex derivatives. The report of the Working Group set up by the Reserve Bank suggested that Clearing Corporation of India (CCIL) should be made the repository of all interest rate and forex derivative transactions. The report, on which RBI has invited comments from the stakeholders by June, underlines the "need for consolidation of reporting arrangement with a view to improving the transparency of the market, facilitating its comprehensive monitoring by the regulator and improving the efficiency of post trade processing infrastructure". Non-transparency of the over-the-counter (OTC) market, the report said, "results in buildup of risks in the system which is widely believed to be one of the contributory causes of the recent financial crisis". It suggested that all forward transactions and swaps between banks and their clients, worth over $0.1 million, should be reported to the CCIL. As trade repository, CCIL should be encouraged to offer post trade processing services, such as, valuation, Management Information System and life-cycle event management, the report said. It also suggested that reporting framework could be extended to other complex financial products as and when they are introduced. The RBI had set up a committee under the chairmanship of P Krishnamurthy, the then Chief General Manager, to examine the reporting format for inter-institution transactions and recommend modalities for an efficient single point reporting mechanism for all OTC interest rate and foreign exchange derivative transactions.