Fed's McDonough Talks Tough, On Risk; Market And Credit

BROKERS

William McDonough, the new executive vice president and head of foreign exchange operations at the Federal Reserve Bank of New York, was already talking tough in his second public address, about the market and credit risks inherent in derivative transactions. He insisted that banks and other financial institutions take the necessary safeguards.

At the Philadelphia Stock Exchange's ninth annual currency options symposium, McDonough said that despite the benefits derivatives instruments provide

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