France's Noyer says OTC markets need revamp


Christian Noyer, the governor of the Banque de France, writing in the central bank's July 2010 Financial Stability Review, described the creation of a new organised framework to manage risks in over-the-counter (OTC) derivatives markets as a necessity.

Noyer said the turbulence experienced in OTC derivatives markets during the crisis had prompted regulators to find solutions to enhance the smooth functioning of these markets.

"It is crystal clear that in a context of inadequate underwriting

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