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Group pledges derivatives data

September 09, 2009|Times Wire Reports

Fifteen big banks that dominate worldwide trading of derivatives have committed to greater transparency in a $600-trillion market that regulators say needs stricter oversight.

The group of banks -- including Bank of America Corp., Citigroup Inc., Deutsche Bank, Goldman Sachs Group Inc. and JPMorgan Chase & Co. -- made the commitment for targets in expanded central clearing systems in a letter to the Federal Reserve Bank of New York. The banks also agreed to report a broader set of data so regulators could more easily monitor clearinghouses' use.

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