Warning to derivatives firms

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The derivatives industry urgently needs to improve its transaction handling and risk transparency if it is to avoid a crisis, an industry task force said in late July.

The Counterparty Risk Management Policy Group was set up to help ward off another shock to the financial markets after the collapse of Long-Term Capital Management (LTCM) and the Asian and Russian financial crises in 1998.

In its second report, the group warned that the backlog of unsigned confirmations is a system-wide

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