Isda AGM: Rules needed on bespoke trades, says Lubke

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Tight rules should be drawn up to prevent dealers from wrongly classifying standardised derivatives trades as bespoke to evade central clearing, said Theo Lubke, senior vice-president in the bank supervision department of the Federal Reserve Bank of New York. Speaking during a panel on systemic risk at the International Swaps and Derivatives Association's annual general meeting in San Francisco on April 22, Lubke said dealers required the right incentives to send OTC derivatives trades throug