Ups and downs

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Credit derivatives have been continuously targeted for operational improvements over recent years. Since 2005, the Federal Reserve Bank of New York has exchanged a flurry of letters with major dealers requesting the tidying up of confirmation backlogs, as well as same-day processing and settlement of credit default swap (CDS) trades. Now, with concerns about systemic risk looming large, both the New York Fed and European Commission (EC) are pushing dealers towards an endgame: central clearing. B

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