Citigroup Chief Executive Vikram Pandit said Monday that MF Global’s woes point to a need for an expanded focus on the shadow banking system and broader transparency for derivatives.

“I’m probably not going to be popular for saying it, but I think almost all derivatives, as many as you can physically get to, should be on clearinghouses and should be on exchanges,” Pandit said at the annual meeting of the Securities Industry and Financial Markets Association (SIFMA) in New York.

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