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May 24, 2013

Confirmation timeliness challenges | DerivSource

A great piece by Nick Fry on DerivSource regrading the changes that Industry will go through in its efforts to comply with regulation requirements. Using figures from the recent ISDA Operations Benchmarking Survey (OBS) in May 2012, he makes his point that  the market will have to change dramatically in order to comply. Both Buy-Side and Sell-Side will face challenges, mainly in the Front Office area and Operations as the rules drive the OTC confirmation process as we know it to an end and although the OTC documentation has not been a traditional area for industry investment, this will have to change. His key point is that "firms will have to ensure all legal terms and conditions are agreed upon prior to trading" which essentially means that the pre-trade term sheet and the official legal confirmation will most likely become the same document. Lots of work to be done in this direction……. More details here (free signup required) Maria L.


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