On November 14, the President’s Working Group on Financial Markets (PWG) announced several initiatives to strengthen the oversight and infrastructure of over-the-counter (OTC) derivatives markets. These initiatives include steps to facilitate the development of credit default swap (CDS) central counterparties and the establishment of a Memorandum of Understanding among the Federal Reserve Board of Governors, the Securities and Exchange Commission and the Commodity Futures Trading Commission, providing a framework for consultation and the sharing of information relating to CDS central counterparties. The PWG also announced policy objectives aimed at addressing the challenges associated with OTC derivatives and issued a progress summary of the results of ongoing efforts to strengthen the infrastructure of OTC derivatives markets.  

http://www.ustreas.gov/press/releases/hp1272.htm