Much has been done over the past few years to mitigate the structural flaws that make wholesale funding a point of weakness in the global financial system, William Dudley, the president and chief executive officer of the Federal Reserve Bank of New York, said today at a workshop devoted to the issue.

"The New York Fed, for example, has led a Federal Reserve effort to make the tri-party repo system more resilient to stress, while the Security and Exchange Commission has taken steps to address