Speech by W. McDonough, New York Fed Bank, 14 May

SPEECH - McDonough says in his speech "Improvements in accounting and disclosure practices will help safeguard the proper use of financial derivatives. Transparency not only will provide a healthy incentive for firms to manage their risks prudently but also will contribute to a better public understanding of derivatives instruments".

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Remarks by William J. McDonough, President and Chief Executive Officer, Federal

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