Those statements would include disclosures of litigation exposure on a global basis, reserves and sources of reserves to cover existing and highly probably litigation, and governance policy to describe funding mechanisms of member firms to cover litigation against member firms in any part of the world not covered by sufficient insurance coverage or capital.

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On that basis, the exposure of Europe's banks collectively exceeds a dangerous 300 percent of Europe's gross domestic product.

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The problem for many companies is they only consider their currency exposure on a quarter over quarter basis over which the change may not be so substantial.

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Additionally, if investors are able to capture exposure information in-house, managing the information on a monthly basis multiplies the challenges mentioned before, namely, resource drain and inconsistencies across firms.

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For instance, BP one of the stocks UBS cites for its high non-European exposure, is trading at 60% of the global average on a price-to-earnings basis which means it is 40% cheaper than its peers.

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