Isda pushes for automated trade verification for derivatives

The International Swaps and Derivatives Association, the trade body representing over 600 institutions working in the derivatives industry, has moved to accelerate the transition to automated over-the-counter derivatives trade processing by publishing a consultative paper on the subject.

Isda has called for automated trade verification, legal confirmation and execution capabilities for a range of derivatives products to be installed throughout the industry by June 2005. The association says the move will reduce operational risk and enhance productivity for all parties.

Robert Pickel, chief executive of Isda, conceded that the target was not achievable for all member firms, but he insisted that a commitment by the larger businesses would help to drive the smaller, less

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