Credit derivatives backlog spikes back up in July

Progress made on reducing the backlog in processing credit derivatives trades suffered a setback in July, when the number of unconfirmed trades spiked back up to nearly 20,000.

The industry had succeeded in reducing the number of trades still unconfirmed 30 days after execution from 100,000 last September down to around 16,000 in June.

“Backlogs rose again, much like weeds in the garden,” FSA director Thomas Huertas told a conference of derivatives experts in London yesterday.

“The trick is ge

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