Press Release
New York Fed to Host Meeting Regarding Central Counterparty for CDS
October 10, 2008

The Federal Reserve Bank of New York today will host a second meeting to discuss industry progress toward the creation of a central counterparty for credit default swaps (CDS).

Today’s discussion will include representation from four potential CDS central counterparties: Eurex, NYSE Euronext, CME Group/Citadel and IntercontinentalExchange/The Clearing Corporation. The Federal Reserve does not endorse any of these specific proposals but is seeking to accelerate market adoption of central counterparty services. Also participating in the meeting are representatives of major dealers, buyside firms, the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and the European Central Bank.

The Federal Reserve expects any central counterparty for credit default swaps to satisfy the CPSS-IOSCO Recommendations for Central Counterparties, as articulated in the Federal Reserve Policy on Payments System Risk, in addition to any other statutory and regulatory provisions that may apply to it.

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