On Friday, 16 participants in the swaps business
released a letter to the Federal Reserve Bank of New York, pledging to do more to reduce volumes of outstanding swaps and to start clearing trades through a central clearinghouse by November or December. The New York Fed responded by saying it was pleased with the progress made toward safer trading practices.
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The participants put forth a set of commitments to strengthen the infrastructure of the estimated $62 trillion dollar over-the-counter derivatives' markets, the Fed said. In their letter, the participants agreed on new targets to log trades swiftly and efficiently in the credit default swaps market and to broaden that effort across to other asset classes.
For more, see The Daily Deal later Monday. -
Donna Block
