Equity dealers spotlight op risk
LONDON – Equity derivatives dealers are discussing how to deal with operational issues facing their market, with 17 leading banks meeting at the London offices of UBS last month to discuss the matter. This was the first meeting of the Equity Derivatives Market Forum, which was set up to develop a strategy to reduce economic and legal risk that it will ultimately present to the International Swaps and Derivatives Association.
An increase in trading volumes and product complexity, combined with a lack of standardisation in documentation in handling confirmations, has prompted the equity derivatives community to start formulating a plan to make trading their products easier and more cost-efficient. There is also a desire to increase the amount of automation in the trading process.
"As an industry, we've invested in new
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