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Statement Regarding Developments in the Credit Derivatives Markets
|October 5, 2005|
|The Federal Reserve Bank of New York welcomes
the initial commitments made today by fourteen major market
participants to improve the infrastructure that supports the
credit derivatives markets. Of particular importance are:
We will be working closely with other U.S. and international industry supervisors to monitor progress in all of these areas in the coming weeks and months on the basis of common metrics and take stock of the effectiveness of the measures taken to meet these commitments. We will assess in the next few months what additional steps will be necessary to build on this progress.
The Bank is encouraged by the progress made to date and the commitment of all participants to continue to work together on these and other credit derivatives settlement issues.