Wall St group to produce report on market risks
NEW YORK (Reuters) - A Wall Street group looking to reduce risks in derivatives trades after a global credit crisis surfaced nearly a year ago will release a report next week, the group said on Friday.
The Counterparty Risk Management Policy Group, co-headed by Gerald Corrigan, a veteran former New York Federal Reserve Bank president, will release its report at 10 a.m. (1400 GMT) on Wednesday. Corrigan, currently managing director at Goldman Sachs, will also hold a news conference.
The group, which has given recommendations after past financial crises, is focusing on risk management systems, trading of complex financial products, accounting rules and financial system infrastructure.
Regulators have been pushing for more transparency and standardization particularly in the $62 trillion credit default swaps market, which brought money and funding markets to a near halt after the U.S. mortgage market soured.
On Thursday, major Wall Street firms told the New York Federal Reserve that they would start a central clearinghouse for over-the-counter credit derivatives by the end of the year.
The move is aimed at reducing the risk of a failure of a single major market player.
(Editing by Leslie Adler)
