Fed to explore op risks in clearance of US government securities


LONDON – The US Federal Reserve Board said in late November it had established a private sector working group to recommend steps to mitigate op risks in the clearance and settlement of US government securities.

The working group will explore ways the two major clearing banks, JP Morgan Chase and the Bank of New York, could substitute for each other if the services of either were interrupted or terminated. A final report will be released before the end of 2003.

Michael Urkowitz, senior adviser to

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