Steering towards new CCP principles: William Dudley interview

Central counterparties are about to take centre stage in the revamped over-the-counter derivatives market – a development that has given rise to a set of global principles for their management and supervision. William Dudley, president of the Federal Reserve Bank of New York, speaks about the new framework

Getting regulators from 23 countries to agree on a single set of principles – for pretty much anything – will inevitably be a balancing act. Without detail, principles are meaningless – but adding detail increases the chance of disputes or complicated cross-jurisdictional legal issues. William Dudley, president of the Federal Reserve Bank of New York, says this balance has been struck correctly in new principles on the oversight of central counterparties (CCPs) and other financial market