The Fed also said "virtually all active clients" had been added to the Depository Trust and Clearing Corporation (DTCC) electronic confirmation platform.
In October last year, the banks committed to moving to a T+5 standard - settlement within five days - for vanilla confirmations, saying the move to automated processing would be vital to this effort. Electronic confirmation has risen from 46% in September 2005 to 62% in January 2006.
The banks have committed to producing a plan this month on further improving processing times, and to outlining acceptable practice for post-trade OTC derivatives processing.
The week on Risk.net, July 7-13, 2018Receive this by email