NEW YORK-Still waters run deep. You could say that the OTC derivatives (OTCD)-laden waters of 2008 ran even deeper.

Had it not been for the quick actions of the Federal Reserve Bank of New York, the Depository Trust and Clearing Corp. and major back-office providers to probe for weaknesses in the backlog of OTC derivatives two years ago-the Lehman Brothers-led credit crisis would have been even more of a capital markets and economic catastrophe.

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