FSA tackles derivatives

LONDON - The UK's Financial Services Authority published another of its 'Dear CEO' letters in mid-February - with this one aimed squarely at the op risk and settlement risks surrounding credit derivatives transaction processing.

"We are concerned about the level of unsigned confirmations with some transactions remaining unconfirmed for months," wrote Gay Huey Evans, capital markets sector leader at the FSA's markets division in London. "Although we recognise that work undertaken in 2004 is helping reduce the backlog, levels of unsigned confirmations and master agreements remain relatively high and raise serious issues for market efficiency and market confidence."

Huey Evans is referring to work undertaken by the

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