Greenspan 'appalled' by credit derivatives processing failings

Former Fed chief hits out at sloppy CDS documentation procedures

Alan Greenspan, former chairman of the US Federal Reserve Board, has said he finds it "appalling" that banks document credit default swap trades on scraps of paper. Speaking at the Bond Market Association's thirtieth anniversary dinner in New York on May 18, he also expressed dismay at how long it takes to confirm trades in a technically advanced industry.

"The difficulty is that while this is an extraordinary business, I was shocked and surprised that we were confronted by an operation issue,"

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