Over the years, Nugget Coombs developed a particularly strong relationship with the people of Arnhem Land, especially with the Yolngu around Yirrkala. You might recall that they were responsible for the Yirrkala bark petitions submitted to the Australian Parliament in 1963. The Yolngu wanted to be consulted as the traditional custodians of the land before the government granted mining rights.
The Federal Reserve also is consulting with foreign financial regulators regarding the development and oversight of central counterparties for CDS in other jurisdictions to promote the application of consistent prudential standards. The New York Federal Reserve Bank, in conjunction with other domestic and foreign supervisors, continues its effort to establish increasingly stringent targets and performance standards for OTC market participants.