The Risk Awards 2006

Risk Awards 2006

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Look back on 2005 and a couple of events leap out – all of them credit related. First, there was the letter from the UK Financial Services Authority in February warning banks about the level of unsigned confirmations in the credit derivatives market – a problem so severe that some dealers apparently stopped trading with hedge fund clients in order to clear the backlog. The FSA's concern was echoed by the New York Federal Reserve in September, so much so that 14 Wall Street dealers were summo