Goldman, HSBC join forces with other banks on client disclosures

Goldman Sachs and HSBC are among a group of five banks adopting a common global approach to disclosing clients' stock positions, a move which participants say could help cut costs and bolster transparency. The group, which also includes Barclays, BNP Paribas and one other bank, is working on a tool to minimise the risks of under-reporting, particularly when investors make so-called short bets or build stakes using derivatives, two sources told Reuters.