The Federal Reserve has devoted more effort in recent years to maintaining a dialogue with international supervisors, such as the U.K. Financial Services Authority, and we will continue to do so. Domestically, the Federal Reserve is coordinating with the SEC, which is the primary regulator of several large firms that deal in OTC derivatives or engage in prime brokerage activities.
Proposals for creating a database of hedge fund positions Following the LTCM crisis and the publication of the Working Group's recommendations, the debate about hedge funds and the broader effects of their activities on financial markets abated for a time.