Fed’s Yellen warns authorities of new financial risks

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Financial stability authorities and market participants need to be alert to new structures and products, and not just those that caused problems in the past, Janet Yellen, vice-chair to the Federal Reserve, said on Friday.

At the Fourteenth Annual International Banking Conference in Chicago, Illinois, Yellen said: "New financial products – for example, exchange-traded funds and collateralised commercial paper – may foster more efficient intermediation, but they may also raise systemic risk if

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