Dealers putting more money into operations
LONDON – Dealers devoted greater resources to their operations procedures in 2005, a year when both the UK Financial Services Authority and the New York Federal Reserve applied regulatory pressure on credit derivatives practitioners because of the rapid rise in volumes of unconfirmed trades, according to a new survey by UK data provider Markit.
All top-tier dealers – those executing more than 2,500 trades a month – now use the Depository Trust & Clearing Corporation (DTCC) for trade-matching, according to the survey, which was produced in conjunction with Reoch Consulting, a London-based credit derivatives consulting firm.
Overall, it found that 80% of first- and second-tier firms were using the DTCC, compared with 60% in 2004. Average
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