Isda’s O’Malia: back-office costs are ‘killing’ swap dealers
Banks set to begin testing Isda’s common domain model for trade lifecycle processes
Antiquated back- and middle-office systems are “killing” profits from derivatives trading, according to the chief executive of the International Swaps and Derivatives Association, which is leading an effort to standardise the industry’s trade lifecycle.
“The legacy systems we have today are killing us from a cost standpoint,” Isda’s Scott O’Malia said at an industry conference earlier today (February 1). “Collateral now needs to move on a T+1 basis on an antiquated system of fax machines, Excel
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