Another Showdown at the OTC Paperwork Corral

A key element of the Various Paulson Plans for preventing the world’s financial system from blowing itself to smithereens is quieting the Bar ISDA cowboys, who run Credit Default Swap Ranch from their lair at Global Megabank NA. Marshall Tim Geithner, the mild-mannered sheriff of the Federal Reserve Bank of New York, has spent the last three years resolutely trying to have the thugs give up their drunken rampages through town, and settle down to a quiet life of dealing with their still miles-deep pile of unsigned paperwork.

Any recent progress to report, Marshall?

The Federal Reserve Bank of New York welcomes the steps announced today by major market participants to enhance efforts to improve over-the-counter (OTC) derivatives processing. These steps represent the most comprehensive efforts to date by major dealers and buy-side firms to improve the resiliency of the OTC derivatives market...

Congratulations. So, to review:

Jul. 31 2008
New York Fed Welcomes Expanded Commitments on OTC Derivatives

Mar. 27 2008
New York Fed Welcomes New Industry Commitments on Credit Derivatives

Oct. 24 2007
New York Fed Welcomes Equity Derivative Client On-boarding Strategy

May 15 2007
New York Fed Welcomes New Commitments on Equity Derivatives

Nov. 21 2006
New York Fed Welcomes Industry Commitments on Equity Derivatives

Sep. 27 2006
Statement Regarding Progress in Credit Derivatives Markets

Mar. 13 2006
New York Fed Welcomes New Industry Commitments on Credit Derivatives

Feb. 16 2006
Statement Regarding Progress in Credit Derivatives Markets

Oct. 5 2005
Statement Regarding Developments in the Credit Derivatives Markets

 

Hmmm. Maybe Marshall Tim should keep his shotgun handy.