In a speech at the Derivatives Risk Management Symposium in New York, Governor Laurence H. Meyer of the Federal Reserve Board noted the op risk benefits of electronic systems -- quick data capture, information updates, credit limit management, trader transparency and so on. He noted derivatives trading is still largely unautomated, saying it is "incongruous that the financial instruments employing the most sophisticated asset-pricing technology are traded…by telephone". He said the lack of

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