The International Swaps and Derivatives Association (ISDA), along with 14 major credit derivatives dealers and two other industry groups, have joined together to push the industry to continue efforts to improve credit derivatives processing.
The groups, which were first called to a meeting last September, have now submitted a letter that will be sent to major markets participants and clients reiterating the industry targets planned for October 2006.
According to the ISDA, the targets include: confirmations for electronically-eligible products such as indices, single names and tranched indices that are to be submitted to electronic platform by dealers by T+1 business days and matched/affirmed by T+5 business days; and confirmations for all other products are to be issued by dealers by T+10 calendar days, with client reply by T+20 calendar days, and then both sides are to work together in good faith to resolve open issues and achieve execution by T+30 calendar days.
The letter is available on ISDA's Web site.
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