An unconfirmed success

Major credit derivatives dealers report making progress in addressing the morass of unconfirmed trades. By how much has the backlog been reduced so far? And is the reduction sustainable? Rachel Wolcott reports


An unhealthy backlog of unconfirmed trades has forced credit derivatives dealers to spend some time in their neglected back offices. Prompted by fears that serious systemic problems could unfold in the event of a rapid series of corporate defaults, global regulators have begun to monitor dealers' progress with the clean-up and improvement of their trade confirmation systems and procedures. The Federal Reserve Bank of New York stated in February it was encouraged by improvements made by credit

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