New York Fed picks up on confirmation issue

The New York Federal Reserve Bank will meet regulators and leading banks next month in an attempt to deal with backlogs of unconfirmed credit derivatives trades.

President Timothy Geithner wrote to 14 Wall Street banks this month to call the meeting on September 15: German, Swiss, UK and US financial regulators have also been invited.

“We are inviting key market participants to discuss how best to address various important issues in the credit derivatives markets,” wrote Geithner in the letter. “The meeting will focus on market practices, particularly with respect to confirmation, that would benefit from discussions between regulators and market

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