Someone important, no less! And he'd really like it if the folks in Basel could speed things up and grow some balls, re: OTC derivatives.
New York Fed President William Dudley said in a speech he is concerned that OTC derivatives reforms have been delayed and will fall short of a broader revamp of financial markets in the post-crisis era….
Despite the slow progress, Dudley said regulators may need to push even harder to ensure enough derivatives become "standardized" and freely traded as opposed to "bespoke." As well, the venues that clear the trades, known as central counterparties, must comply with all global rules, and so-called trade repositories must have all trading data available.
"The OTC derivatives reform effort fits in very well with the broader reform agenda, but there are significant risks that we will fall short in this arena relative to what we are likely to achieve elsewhere," he said in prepared remarks to a derivatives conference in Paris.