The Fed commitment letter process is alive and well, say Isda panellists

FSA's Bailey says the commitment letter process is better for firms than having the regulator "kicking over their books"

The regular set of voluntary industry commitments made to the Federal Reserve Bank of New York – known as the Fed letters – will continue with an expanded list of signatories and a broader role, according to panellists at a conference held in London by the International Swaps and Derivatives Association yesterday.

"The process definitely has a future – it needs to evolve," said David Bailey, manager, over-the-counter derivatives and post-trade policy, at the Financial Services Authority (FSA)