Product summaries are produced by the Financial Markets Unit of theSupervision and Regulation Department of the Federal Reserve Bank of Chicago. Product summaries are published periodically as events warrantand are intended to further examiner understanding of the functions andrisks of various financial markets products relevant to the banking indus-try. While not fully exhaustive of all the issues involved, the summariesprovide examiners background information in a readily accessible formand serve as a foundation for any further research into a particular prod-uct or issue. The views expressed are the authors’ and do not necessarilyreflect the views of the management of the Federal Reserve Bank.Should the reader have any questions, comments, criticisms, or sugges-tions for future Product Summary topics, please feel free to call any of themembers of the Financial Markets Unit listed below.
Joseph Cilia(312) 322-2368