In separate announcements last week, Dai-Ichi Kangyo Bank and Bankers Trust New York Corp. said they had each established programs that would allow them to act as triple A-rated counterparties in derivatives deals.

Dai-Ichi Kangyo said it had reached an agreement that would allow its New York-based derivatives unit, DKB Financial Products, to funnel its derivatives business through Merrill Lynch Capital Services' triple-A rated derivatives conduit.

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