Asia Risk Congress: Banks only have selves to blame for shift to CCPs, says Fed
Banks might be worried about the impact central clearing will have on the derivatives business, but they only have themselves to blame for the changes, according to Theo Lubke, senior vice-president for risk management at the Federal Reserve Bank of New York.
Speaking to a packed hall at the Asia Risk Congress in Hong Kong today, Lubke said the Fed was convinced of the need to radically change the derivatives market's structure because senior US bankers were unprepared for the impact Lehman
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