It is fairly clear that, had such an announcement been made, investors would have been more careful about investing in the pool (or would have disciplined Citron). In addition, it would have been harder for investors to claim they were misled. Fewer lawsuits would have been filed. Perhaps other embarrassing debacles such as Barings, Procter & Gamble or Gibson Greetings would have been avoided. Derivatives disclosure should increase transparency and stability in financial markets