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Monday, October 6, 2008

Bloomberg: Fed, Dealers to Meet on Default Swaps Clearinghouse

"The Fed will hold a meeting with 'a small number of banks and buy-side firms' to discuss progress being made on creating a central counterparty, said a New York Fed spokesman who declined to be identified."

Hopefully, this will reduce risk and increase transparency. The framework for a whole new new institutional and regulatory model is being put in place, bit by bit.

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