Isda praises letter to Geithner

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The International Swaps and Derivatives Assocation (Isda) 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 equity derivatives market. The banks said they will make it their "top priority" to create master confirmation agreements for equity derivatives, working closely and speedily with Isda. They aim to confirm all trades done electronically within five

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