Regulators push for automation of OTC derivative trades
REGULATORY UPDATE
Although this is a significant achievement, it is still a long way for an industry that hopes to achieve the T+5 confirmation time frame.
At the second industry meeting hosted by the New York Fed in mid-February, the 14 major dealers said they had been able to implement the International Swaps and Derivatives Association novation protocol, which seeks to facilitate the transfer of existing trades to third parties.
The top-tier dealers include some of the global financial heavyweights: Bank of
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