Central Banking

Banks agree to expand central clearing for derivatives


Some of the biggest players in the over-the-counter (OTC) derivatives market on Tuesday pledged to expand the amount of interest-rate and credit-default-swap instruments cleared through central counterparties.

In a letter addressed to William Dudley, the president of the New York Federal Reserve, the world's leading banks have set specific targets for the levels of trades to be completed through central clearing by later this year.

The 15 pledged to submit 90% and clear 70% of new eligible

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