Gridlock in CDS confirmations

The figures published in the quarterly metrics report compiled by Markit from data submitted by 18 major dealers - the so-called 'Fed 18' - and released in October contained some very nasty shocks. 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.

This was the highest number of average unconfirmed trades in the market since January 2006, when the i

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