A single set of rules containing best practices drawn up by financial services participants and endorsed by governments should be evolved, Russo said on Tuesday while addressing the International Chamber of Commerce (ICC) commission on financial services and insurance.

Transparency should be the hallmark and guiding principle of such rules, the Lehman Brother chief said and while implementing transparency, guiding principle should be looked into the areas of risk management, credit procedures, sales practices, credit information, documentation practices and enhanced role for internal and external audit.

In order to achieve the goal of transparency it would be important to involve end users of financial markets such as pension funds and international money managers, he said in a statement issued by ICC.