Thomas Huertas

The director of the wholesale firms division and banking sector leader at the Financial Services Authority in London outlines the progress made in resolving the operational problems in credit derivatives processing. Interview by Nikki Marmery


The regulatory attention raining down on the credit derivatives industry at the moment is unprecedented. The problem - that credit default swap trades routinely go unconfirmed for months - was first exposed by the Financial Services Authority (FSA) in the UK in February 2005 when it sent a letter to chief executives of derivatives dealing firms warning them of the risks of unconfirmed trades. The Federal Reserve followed up by summoning major dealers to account for the same offence last

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