A group of trade associations and major broker-dealers last week submitted a letter to the Federal Reserve Bank of New York and other regulators confirming their commitment to streamlining trading and processing of credit and equity derivatives and detailing the industry's goals for improving operations in the troubled sectors.

In response to recommendations the President's Working Group on Financial Markets released earlier this month, the Securities Industry and Financial Markets Association's asset management group, the Managed Funds Association, the International Swaps and Derivatives Association, and 17 broker-dealers on Thursday outlined efforts that the MFA said would lead to "fundamental change in derivatives markets processes through the use of electronic platforms to improve market discipline and efficiency."

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