Derivatives Troubles
Reporting from Isda's annual conference in Vienna, Ellen Davis explores how firms and regulators are focusing on OTC derivatives back-office breakdowns and asks what role op risk should play in the solution
Outside the windows lay romantic Vienna, but inside the conference rooms, the mood among the attendees of the International Swaps and Derivatives Association's annual general meeting veered between forced cheer and focused earnestness.
Derivatives executives were trying to put a brave face on having their knuckles rapped by regulators over the performance of their back-office operations during the initial crisis period of August and September 2007. It's not that Isda hasn't spent several years
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