Fed president issues credit derivatives warning

February 28—Timothy Geithner, president of the New York Federal Reserve, has warned traders of the risk of catastrophe in the credit derivatives markets.

Speaking to the Global Association of Risk Professionals in New York today, Geithner said the over-the-counter derivatives market faced a collective action problem, with players unwilling to give up competitive advantage in order to improve risk management past industry norms.

The credit derivatives market, he said, presented a particular

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