Setting up central clearing for credit default swaps from the ground up poses a massive challenge, according to Annette Lazareth, a former director of the U.S. Securities and Exchange Commission’s Division of Market Regulation and now a partner at the law firm Davis Polk & Wardwell. Also speaking at a conference in Florida, Mark Trivedi, managing director and coo for global clearing and custody at JPMorgan Chase, said the task force of the Operational Arrangements Working Group will publish a report next month on the progress made on recommendation to reduce clearing banks’ risk on triparty repurchase agreements. Trivedi is co-chairman of the Federal Reserve Bank of New York-sponsored task force.
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