Progress needed on clearing and settlement

Systems for clearing and settling over-the-counter derivatives trades have strengthened over the past few years, but further progress is needed to reduce risk, says a report by the Committee on Payment and Settlement Systems, a forum for central baks of the G10 countries.

The report recommended greater use of automated systems to reduce confirmation backlogs in all OTC derivatives classes, pointing out that this had worked well in the credit derivatives market. For the remaining backlogs, it

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