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Firms Fail To Meet Clearing Pledge, Says N.Y. Fed

Banks and money managers have not met the commitment they made 13 months ago to provide “a viable clearing solution for clients,” said William Dudley, president of the Federal Reserve Bank of New York, reports Bloomberg.

Banks and money managers have not met the commitment they made 13 months ago to provide “a viable clearing solution for clients,” said William Dudley, president of the Federal Reserve Bank of New York. Firms, including JPMorgan Chase, Barclays and Pimco, which make up the OTC Derivatives Supervisors Group, have missed a March 1 deadline to outline further steps to move credit default swaps through clearinghouses, Dudley said.

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