For Immediate Release Thursday, June 10, 2004

For More Information Contact: Louise Marshall, (212) 901-6000;


ISDA 2004 Operations Benchmarking Survey:

Credit Derivatives Processing Improving


NEW YORK, Thursday, June 10, 2004 – The International Swaps and Derivatives Association today published the ISDA 2004 Operations Benchmarking Survey. Based on responses from 67 institutions, the Survey demonstrates a major focus on improving credit derivatives processing.


The 2004 Survey reports that 88 percent of credit derivative confirmations are now sent out in the T+5 target time versus 83 percent in the previous year. Trade data for approximately 96 percent of FRA and vanilla swap trades were reaching the back office on Trade Date during calendar year 2003. All trade data reach the back office by the following day, with the exception of credit derivatives, where 98 percent of trade data is received by the back office on T+1. The proportion of credit derivatives trade data received by the back office within 1 hour grew from 8 percent over 2002 to 24 percent over 2003. Responses also show that credit derivatives strongly lead expectations of future volume growth, with an anticipated 51 percent growth expected over 2004.


“There is a keen focus by the industry on improving credit derivatives processing time, consistent with the endeavors of ISDA’s Operations Strategy initiative launched in late 2003,” said Robert Pickel, ISDA’s Executive Director and Chief Executive Officer.  “While these products have lagged other privately negotiated derivatives markets in terms of processing efficiency, ISDA members have demonstrated impressive efforts to improve their operational performance.”


ISDA’s annual Operations Benchmarking Survey, initiated in 2000, identifies and tracks operations processing trends in the privately negotiated derivatives industry. The results provide individual firms with a benchmark against which to measure the promptness and accuracy of their trade data capture, confirmation procedures, and settlement. As in past years, individual respondents receive a feedback report that compares their data with those of respondents of similar size and with those of the entire respondent population.  The entire survey can be accessed in the Latest News section of ISDA’s web site at


ISDA is the global trade association representing leading participants in the privately negotiated derivatives industry. ISDA was chartered in 1985, and today has more than 600 member institutions from 46 countries on six continents. These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association's web site:


®ISDA is a registered trademark of the International Swaps & Derivatives Association, Inc.