Regulators push for operations changes

Among the various recommendations was the setting of strict criteria on the accuracy and timeliness of trade data submission and resolution of trade matching errors. Additionally, the regulators called for the International Swaps and Derivatives Association's cash settlement protocol - introduced in 2005 - to be written into standardised credit derivatives trade documentation.

The industry is responding to the recommendations. In a letter sent to the Federal Reserve Bank of New York on March 27