Special report: CDS processing


Long before the current tumult afflicting the credit market, regulators were aware of inefficiencies in settling credit derivatives trades. As long ago as November 2005 – at the height of the credit bubble – the Federal Reserve Bank of New York contacted dealers on Wall Street to warn them that the number of unconfirmed trades was at an unacceptable level. Efforts to reform the processing end of the market have continued throughout the crisis in credit, and in recent months many o