Unconfirmed trades 'appalling' - Greenspan

Alan Greenspan, former chairman of the US Federal Reserve Board, says he found it "appalling" that banks were trading credit default swaps (CDSs) without automated settlement processes. Speaking at the Bond Market Association's thirtieth anniversary dinner in New York on May 18, he expressed dismay that a backlog in unconfirmed trades could occur in a technically advanced industry.

"The difficulty is that while this is an extraordinary business, I was shocked and surprised that we were confronted

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