Progress made in CDS backlog

The Federal Reserve Bank of New York has announced that progress has been made by credit derivatives dealers in reducing the number of confirmations outstanding by more than 30 days, beating a target set by the Fed in September.

"It's important to keep in mind the background against which these reductions have been achieved, which is increasing volumes and credit events," says Karel Engelen, policy director at the International Swaps and Derivatives Association in New York. "It's been