The Federal Reserve Bank of New York on Thursday issued explanatory documents and described the workings of the Primary Dealer Credit Facility.
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In a newly published consultative document, the Bank for International Settlements Basel Committee on Banking Supervision proposed several "limited adjustments" to the credit valuation adjustment risk framework.
The Federal Reserve Board proposed expanding the number of financial institutions that fall under the "netting" provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991.
Federal Reserve Bank of New York President William C. Dudley argued that "aggressive action" is needed across the financial industry to address market-wide issues concerning the global market transition away from LIBOR.
ISDA CEO Scott O'Malia outlined recent and forthcoming efforts to address benchmark reforms.