CDS confirmation backlog

Trade processing

There were some very nasty surprises in the October quarterly metrics report from UK-based valuation provider Markit Group. The average number of credit derivatives trades unconfirmed for 30 days or more had climbed from only a couple of hundred or so per bank in January to well over 3,500 per bank at the end of September. The report was compiled from data submitted by 18 major dealers.

The figure was the highest number of average unconfirmed trades in the market since January 2006, when the

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