Firms on target for sound practices
WASHINGTON, DC – Most of the core clearing and settlement organisations, and significant banks and broker-dealers, have implemented the 2003 interagency paper on sound practices to strengthen the resiliency of the US financial system , according to a joint report released by US Federal agencies.
The US Congress, through its Intelligence Reform and Terrorism Act, required that by April 30, 2006, the Federal Reserve, the Office of the Comptroller of the Currency and the Securities and Exchange Commission prepare a study on the efforts of the private sector to implement the paper.
That report, released at the end of April, says the firms that play significant roles in critical financial markets have completed, or should complete during 2006, substantial implementation of the practices.
The
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