The Federal Reserve Bank of New York has given the 17 banks that are responsible for more than 90% of CDS trading until July 31 to present reform plans, chiefly for creating such a facility, with the objective of reducing operational and counterparty risks. In June, the New York Fed’s chief executive, Timothy Geithner, announced that what is known as the Fed 17 was meeting to “outline a comprehensive set of changes to the derivatives infrastructure”.
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