New York Fed President Corrigan Promotes Tighter FX Risk Controls
REGULATIONS
New York Federal Reserve Bank president Gerald Corrigan urged banks to install risk management systems, adopt more rigid in-house controls and learn how customers and counterparties assess their risk. In addition, he voiced his support for the multilateral netting initiatives, although not without a host of reservations.
Corrigan told members of Forex USA at a dinner last Thursday that "you must recognize that you have a responsibility to care for the marketplace as a whole," and urged banks to
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