Equity market clean-up due

Leading dealers say they will make it their top priority to create master confirmation agreements for equity derivatives by early 2007, working closely with the International Swaps and Derivatives Association, the Securities Industry and Financial Markets Association, and the Managed Funds Association.

In a letter dated November 21 to Timothy Geithner, president of the Federal Reserve Bank of New York, 17 major dealers pledged to work towards standardised documentation, electronic processing and