Derivatives dealers step up efforts to slash trade backlog

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The credit derivatives industry's efforts to tackle trade confirmation backlogs and settlement issues continued in the first quarter of 2006, with a flurry of high-level meetings attended by dealers, money managers, hedge funds and regulatory bodies. In mid-February, the Federal Reserve met with 14 of the major dealers to discuss progress and to establish further targets. And in early March, the Counterparty Risk Management Policy Group (CRMPG) II - a broad industry group led by Goldman Sach

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