fed speech, 2006-04-17
Similarly, the Federal Reserve System, operating through the Federal Reserve Bank of New York, has met with major dealers to improve the practices of the credit derivatives industry in various ways, including implementing procedures to improve the settlement process for credit default swaps, establishing targets for the reduction of confirmation backlogs, and insisting that dealers obtain the consent of the original counterparty before accepting an assignment of a contract.
Sentiment: neutral
Topic: financial_stability