Isda AGM: Fed letters 'not a waste of time', banks argue

Industry defends decision to set up recently sidelined TriOptima rates repository and argues voluntary commitments have value

Derivatives dealers' voluntary commitments to improve back-office processes and market efficiency, known as Fed letters, are "not a waste of time" and could result in more consistent global regulation for the over-the-counter markets, according to senior figures involved in the efforts.

With a series of detailed rules now being crafted by regulators on both sides of the Atlantic, sceptics have claimed voluntary commitments could be made redundant by conflicting mandatory requirements – as has