WASHINGTON - A centralized swaps depository that is being launched by the Chicago Mercantile Exchange along with two other organizations may provide an added safeguard for participants in over-the-counter derivatives transactions, including, state and local governments.

"What we are attempting to do here is to create an agency that will harmonize and rationalize the whole process and put a lot of people at ease that are presently not at ease," said Chicago Mercantile Exchange chairman Jack Sandner.

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