Federal Reserve Bank of New York

Progress made on equity derivatives backlogs

Investment banks have continued to make progress with reducing confirmation backlogs associated with executing over-the-counter equity derivatives trades. The average backlog has been reduced to nine days, down from 19 days in November 2006, according to…

Isda praises letter to Geithner on equity derivatives

The International Swaps and Derivatives Assocation (Isda) has said it “applauds and supports” a letter from 17 investment banks to Timothy Geithner, president of the Federal Reserve Bank of New York, which commits them to improving the efficiency of the…

SwapsWire launches equity derivatives give-up service

London-based electronic confirmation service SwapsWire today launched its PBWire service, which supports give-ups on equity derivatives trades. PBWire allows buy-side clients, executing brokers and prime brokers to communicate give-up details in real…

Major banks reduce unconfirmed trades by 70%

Dealers with large derivatives portfolios have made significant progress in reducing the number of unconfirmed credit derivatives trades, according to the latest meetings organised by the Federal Reserve Bank of New York which were held in New York…

JP Morgan goes live on T-Zero

JP Morgan went live on T-Zero’s post-trade processing platform for credit derivatives on Monday. It is the first dealer to join the platform since Goldman Sachs initially used the technology after its trade with KBC Alternative Investment Management on…

The risk monitor

As systemic risk concerns resurface, Gerald Corrigan, co-chair of Goldman Sachs’ firm-wide risk committee, has revived an industry group formed after the LTCM debacle. By Navroz Patel

Geithner to replace McDonough at New York Fed

Timothy Geithner, currently the director of the Policy Development and Review Department at the International Monetary Fund (IMF) in Washington DC, has been named the next chief executive of the Federal Reserve Bank of New York.

Fed to change supervision structure for Basel II

The Federal Reserve Bank of New York will change the way its supervisory departments are structured in order to implement Basel II, William Rutledge, executive vice president of the banking supervision group and a member of the management committee at…

McDonough paints brave new world of bank regulation

Echoing remarks made earlier in the week, William McDonough, president of the New York Federal Reserve Bank, stressed that the results of the third Quantitative Impact Statement (QIS3) being compiled at the moment show that few changes will have to be…

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