NY Fed discourages use of bespoke derivatives

Theo Lubke

The Federal Reserve Bank of New York is looking at ways to discourage the use of customised or bespoke derivatives in order to push more over-the-counter trades towards central clearing, including greater reporting requirements and increased rigour around collateral.

The move is a reflection of growing concern among regulators that banks might try to disguise standardised derivatives as bespoke to evade requirements to centrally clear trades. The Group of 20 has called for all standardised

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