To help alleviate counterparty credit concerns, regulators are also encouraging the development of wellregulated and prudently managed central clearing counterparties for OTC trades. 5 Just last week, we approved the application for membership in the Federal Reserve System of ICE Trust, a trust company that proposes to operate as a central counterparty and clearinghouse for CDS transactions.
Although the States slashed their investment activities faced with revenue deficit from 1987-88, their debt and debt servicing burden soared with the high cost borrowing financing current expenditure amidst growing fiscal imbalances during 1986-87 to 1997-98. Fiscal imbalances worsened after 1998-99 following a sizeable pay hike of the employees in sequel to the implementation of the Fifth Pay Commission’s recommendations at the State level.