Derivatives clearing improvements make progress


London and New York - Banks and asset management firms are moving forward with improvements to derivatives clearing and settlement operations, but volatile markets, regulatory uncertainty and shifting political sands are taking their toll.

The world's major financial services firms agreed in October 2008 to a range of improvements to the way clearing and settlement of over-the-counter derivatives are handled in a letter to the Federal Reserve Bank of New York. Regulators demanded changes after p