Good progress in back office clean up for derivatives

NEW YORK – As participants in the booming credit derivatives market report big strides in cutting the backlog of outstanding confirmations, market leaders are promising to continue cleaning up and streamlining back-office practices. Following a second meeting between regulators and the 14 major US and European firms in the credit derivatives (CD) market at the New York Federal Reserve Bank, on February 16, the firms have jointly written to Tim Geithner, NY Fed president, setting out how they intend to maintain progress in reaching their clean-up targets by the October 31 deadline.