Isda survey finds error rates rising

SINGAPORE – The preliminary results from the International Swaps and Derivatives Association's annual operations benchmarking survey show a slight rise in the number of front-office error rates, trades that need to be rebooked, and the average number of confirmations outstanding across the range of derivatives products – except in the area of credit derivatives.

The preliminary results, released at the New York-based trade association's annual meeting in Singapore in mid-March, demonstrated that the intense focus that the industry has been putting on reducing the number of credit derivatives errors and outstanding trades has born fruit. Outstanding confirmations have plummeted from an average 23.5 days' worth of business in the 2005 survey for large firms to 16.2 days'. The industry has been ploughing significant resources – both technological and human