Time for action

Back-office processing has long been the neglected stepchild of the derivatives business. But improved technology and growing systemic risk mean the time is ripe for supervisors to demand T+0 reconciliation, argues David Rowe


The Counterparty Risk Management Policy Group (CRMPG) recently called on the derivatives industry to implement T+0 reconciliation by the end of 2009, as noted in this column last month.1 The CRMPG's proposal is for all major sell-side derivatives market-makers and buy-side end-users to co-operate in specifying and then implementing a fully electronic trade representation and matching system, to achieve daily transaction confirmation and full portfolio value reconciliation on a T+0 basis.

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