Newsletter Sept 2008: Dealers pledge ambitious derivative market upgrade

NEW YORK – The Operations Management Group (OMG), comprising the 17 major dealers and buy-side institutions in the enormous and rapidly expanding over-the-counter (OTC) derivatives market has set out the most ambitious plans yet to improve market practices and reduce operational risk. In a letter to Tim Geithner, president of the New York Federal Reserve at the end of July, the OMG members set out operational goals for 2008-2009 that are described as a “substantial and aggressive increase in our commitments.”