A meeting between the Federal Reserve Bank of New York, regulators and 14 credit derivatives dealers has unnerved hedge funds. The New York Fed called in the market participants to discuss credit derivatives and the risk management and control issues surrounding them. The credit derivatives market has expanded fast in recent months. The notional amount outstanding of credit default swaps grew by almost 55% in the second half of 2004 from $5.44 trillion to $8.42
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