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The archaic methods still being used to process credit derivative trades have been well-documented - perhaps most famously by former Fed chairman Alan Greenspan, who described the use of scraps of paper in this technically advanced age as "appalling".

The Fed had already publicised the issue by summoning major derivatives dealers to a meeting where they committed to a series of targets to resolve the problem last October. Within six months, the industry had succeeded in cutting the number of

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