Banks, dealers join N.Y. Fed to cut risks in derivatives

08/1/2008 | Financial Times (free content)

The Federal Reserve Bank of New York is leading efforts to reduce trading and settlement risks in over-the-counter credit-derivative markets. Dealers delivered a progress report to the New York Fed that includes a commitment to expand automated trade matching and electronic processing in other OTC markets. Additionally, dealers and large banks should soon have a central clearinghouse for the market.

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