William Dudley, president of the Federal Reserve Bank of New York, said he was concerned about the overhaul of the over-the-counter derivatives market, saying the world has not yet developed a "harmonized, robust" swaps market. "The OTC derivatives reform effort fits in very well with the broader reform agenda, but there are significant risks that we will fall short in this arena relative to what we are likely to achieve elsewhere," Dudley said.

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