Non-bank commodity traders should adopt Fed letter commitments, says BP executive
BP's Alan Haywood says non-banks need to consider Fed letter commitments for the good of the industry
Non-bank users of commodity derivatives should be more involved in the regular set of voluntary industry commitments made to the Federal Reserve Bank of New York, according to a senior BP executive at the Isda Europe conference in London last week.
The last so-called Fed letter was sent on March 31, signed by 26 dealers, buy-side firms and industry associations. However, energy firms have not participated in the process.
"One of our challenges is to try and encourage the non-banks, even if they
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