On May 16th, Timothy F. Geithner, head of the New York Federal Reserve, gave a speech at the New York University Stern School of Business Third Credit Risk Conference in New York City. A copy of the speech can be found at this link. Toomre Capital Markets suggests that all participants in the capital markets and enterprise risk management

Let me conclude by reiterating the fundamental view that the wave of innovation underway in credit derivatives offers substantial benefits to both the efficiency and stability of our financial system. The extent of these benefits will depend, in part, on the degree to which market participants can keep up with the pace of change in the market through continued investment in both risk management and in the processing infrastructure. We have been through a period of relatively favorable financial conditions, and the prospect for future stability will depend in part on the degree of care and conservatism market participants bring today to judgments about opportunity and risk management.