Gary Smith, Icap managing director responsible for credit default products in London, said: "The industry is working to improve the post-trade process for credit default products, and we can address that requirement by developingthis link with the DTCC."
He added that the majority of the banks active in credit default products are already connected to Icap's post-trade systems. "We are leveraging this connectivity," he said.
Improving post-trade processing was highlighted as a key issue for the industry in the Counterparty Risk Management Policy Group report, issued yesterday by a group of investment bankers, led by Gerald Corrigan, a managing director at Goldman Sachs and former head of the New York Fed.
The week in Risk.net, May 19-25 2017Receive this by email