CDS processing backlogs rise on higher volumes

Despite the efforts of dealers and intermediaries, backlogs in credit derivatives trade processing rose again in 2007, according to an Isda survey released yesterday.

The average backlog of unprocessed credit derivatives trades in 2007 was equal to 6.6 days of business, up from 5.5 days in 2006, the survey found.

The rise in CDS backlogs follows a huge increase in trading volumes – up 81% in 2007 to a total notional outstanding of $62.2 trillion.

Isda chief executive Robert Pickel said the figures

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