By Edith Orenstein, FEI Financial Reporting Blog - A group of major financial market participants, industry groups and regulators agreed at a meeting at the Federal Reserve Bank of New York (NY Fed) yesterday to certain steps to improve the infrastructure of OTC Derivatives trading, including to reduce counterparty risk. In related news, FASB released an Exposure Draft of proposed amendments to its hedging standard, FAS 133. (Separately, FASB also released an Exposure Draft of proposed amendments to FAS 5 and FAS 141R.) Read more about these developments here.
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