The bleeding edge
The surging credit derivatives industry has experienced significant growing pains this year. While regulators are forcing dealers to tackle the issue of mounting unconfirmed trades, there are a number of technical and market-related barriers. By Hann Ho
Since the UK's Financial Services Authority (FSA) first aired its concern about the swelling volume of unconfirmed credit derivatives trades in February, dealers have scrambled to search for solutions to the problem. But it was not an issue they could solve easily. The regulatory spotlight then intensified, and culminated in a well-publicised September 15 meeting convened by the Federal Reserve Bank of New York, whose president, Timothy Geithner, told the 14 Wall Street dealers summoned that the
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