Dealers call for greater credit derivatives automation

Major dealers in the credit derivatives market are ahead of schedule in cutting the backlog of unconfirmed trades, but have urged the industry to take further steps to make transaction processing more automated.

In an open letter to major market participants and clients, dated July 19, 14 credit derivatives dealers, in association with the Bond Market Association, the International Swaps and Derivatives Association and the Managed Funds Association, said tremendous progress had been made in

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