Letter to Fed promises to cut operational risk in OTC market

NEW YORK – Further improvements, including promises to cut operational risk in the over-the-counter derivatives market, have been promised by 14 market participants, including the International Swaps and Derivatives Association (Isda), in the latest letter sent to the Federal Reserve Bank of New York.

"Isda and the industry recognise the need for further enhancements to the infrastructure and framework of the OTC derivatives markets," says Eraj Shirvani, chairman of Isda, and managing director a

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