NY Fed welcomes derivatives commitments

The Federal Reserve Bank of New York said on Monday 13 March it welcomes the new commitments by 14 major market participants to continue their progress toward improving the infrastructure that supports the credit derivatives markets.

The market participants are committed to the development and implementation of a set of industrywide guidelines, listed in the attached letter, by October 31, 2006; a 70 percent reduction in each market participant's number of confirmations outstanding for more

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