News release: “The Federal Reserve Bank of New York welcomes the letter published today by major financial market participants, committing to additional changes in the market design and risk management for over-the-counter (OTC) derivatives. The letter, which addresses issues discussed at an April 1 meeting between major market participants and banking supervisors, continues supervisory efforts to reduce systemic risks in the OTC derivatives market. The objectives include expanding use of central counterparties, strengthening risk management and operations, significantly improving transparency and ensuring strong coordination within the regulatory community. Key elements of the letter include establishing, for the first time, deadlines for recording all credit, interest rate and equity derivatives transactions in trade repositories and expanding credit default swap (CDS) central clearing to buy-side firms.”