The risk reducers

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Despite the best efforts of major dealers and buy-side firms, the announcement in April by the International Swaps and Derivatives Association (Isda) that backlogs for over-the-counter (OTC) credit derivatives are again on the rise has given fresh impetus to initiatives to improve operational efficiency.

According to Isda's 2008 Operations Benchmarking Survey, the average backlog for credit derivatives increased to 6.6 business days from 4.9 days in 2007 - perhaps unsurprising given the 81% rise

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