Isda AGM: Fed letters 'not a waste of time', banks argue

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Derivatives dealers' voluntary commitments to improve back-office processes and market efficiency, known as Fed letters, are "not a waste of time" and could result in more consistent global regulation for the over-the-counter markets, according to senior figures involved in the efforts. With a series of detailed rules now being crafted by regulators on both sides of the Atlantic, sceptics have claimed voluntary commitments could be made redundant by conflicting mandatory requirements –