• the commitments to move quickly to a regime of substantially improved controls around assignments, ensuring assignments will have consent of all parties,
• the targets and deadlines set to reduce confirmation backlogs,
• the steps to increase substantially the use of electronic matching platforms, and
• the efforts underway to improve the credit default swap settlement process

We will be working closely with other U.S. and international industry supervisors to monitor progress in all of these areas in the coming weeks and months on the basis of common metrics and take stock of the effectiveness of the measures taken to meet these commitments. We will assess in the next few months what additional steps will be necessary to build on this progress.

The Bank is encouraged by the progress made to date and the commitment of all participants to continue to work together on these and other credit derivatives settlement issues.

Participants' letter
3 pages / 28 kb

Contacts:
Calvin Mitchell
(212) 720-6136
calvin.mitchell@ny.frb.org

Linda Ricci
(212) 720-6143
linda.ricci@ny.frb.org