OTC derivatives reform could ‘fall short’, says Fed’s Dudley
William Dudley, the New York Federal Reserve Bank president, today warned of the "significant risks" that regulators will "fall short" in their efforts to reform the over-the-counter (OTC) derivatives market.
Dudley told an audience in Paris that "we are not yet close to a harmonised, robust OTC system" and suggested the reform effort could fall short "in a number of respects".
His mains concerns were that trades would not be standardised to the fullest degree possible; that central
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