Dealers work to meet deadlines
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Credit derivatives dealers are working to meet deadlines to resolve the backlog in unsigned confirmations following a meeting with the New York Federal Reserve in September.
In a joint letter dated October 4 and addressed to New York Fed president Timothy Geithner, 14 dealers summoned to the meeting with the Fed on September 15 outlined a five-point action plan, which includes forcing clients to use automated settlement processes and implementing the International Swaps and Derivatives
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