The future of the Fed letter commitments

Changing commitments

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Derivatives users have got used to looking out for the so-called Fed letters. These regular communications, addressed to the president of the Federal Reserve Bank of New York and copied to other global regulators, have contained a series of industry commitments to improve the functioning of the over-the-counter derivatives market. Since the first letter was sent in response to a mountain of confirmation backlogs in the credit derivatives market in 2005, the scope of the commitments has expanded

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