NEWS RELEASE
For Immediate Release
ISDA Releases 2011 Operations Benchmarking Survey Results
NEW YORK, Friday, May 27, 2011 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced the publication of its 2011 Operations Benchmarking Survey. This publication includes results from G14 respondents as of year-end 2010, and follows the release of survey highlights at ISDA’s 26th Annual General meeting in April.
The survey notes the continuing decrease in confirmations outstanding, particularly among G14 members. Credit derivatives show an average of 0.4 business days’ worth of aged outstanding confirmations among G14 members, compared with 1.0 business days in last year’s survey. Equity derivative confirmations outstanding fell to 6.5 business days among G14 members, compared with 7.4 last year. Interest rate derivatives confirmations also fell to 2.0 business days among G14 members, down from 2.9 last year.
“ISDA and its members remain committed to strengthening the operational infrastructure of over-the-counter derivatives,” said Robert Pickel, Executive Vice Chairman, ISDA. “The results of the 2011 ISDA Operations Benchmarking Survey illustrate the progress the industry has made to date and the continued dedication of the G14 and other market participants to building a more robust operational infrastructure for these products.”
As previously noted, the survey reflects the increased automation in the OTC derivatives market over the past several years. 100 percent of eligible credit default swaps and 83 percent of eligible interest rate derivatives are now confirmed electronically.
The ISDA Operations Benchmarking Survey identifies and tracks operations processing trends in privately-negotiated OTC derivatives. The results provide individual firms with a benchmark against which to measure the promptness and accuracy of their trade data capture, confirmation, and settlement procedures, as well as the level of automation of their operational processes. ISDA first conducted the Survey in 2000 and has done so annually since then.
The full results of the survey are available on ISDA’s website here. The survey highlights published in April are available here.
For More Information, Please Contact:
Deirdre Leahy, ISDA New York, +1 212 901 6021, dleahy@isda.org
Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org
About ISDA
Since 1985, ISDA has worked to make the global over-the-counter (OTC) derivatives markets safer and more efficient. Today, ISDA is one of the world’s largest global financial trade associations, with over 800 member institutions from 56 countries on six continents. These members include a broad range of OTC derivatives market participants: global, international and regional banks, asset managers, energy and commodities firms, government and supranational entities, insurers and diversified financial institutions, corporations, law firms, exchanges, clearinghouses and other service providers. Information about ISDA and its activities is available on the Association’s web site: www.isda.org.
ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
Documents (1) for ISDA Releases 2011 Operations Benchmarking Survey Results
Latest
Response to FCA on CFI Codes for Transparency
On March 19, ISDA responded to Chapter 3 of the UK Financial Conduct Authority’s (FCA) Quarterly Consultation CP26/8 on transparency requirements for financial instruments under Market Conduct Sourcebook (MAR) 11. Sections 3.11-3.13 of the consultation paper explain a discrepancy between...
Why We Need Safe and Efficient SFT Markets
Securities financing transactions (SFTs) play a vital role in fostering liquidity, mobilizing collateral and supporting the smooth functioning of derivatives markets. But during periods of stress, secured funding markets often come under pressure just when they’re needed most, with reduced...
Response to BoE on Clearing Exemption for PTRR
On March 11, ISDA submitted a response to the Bank of England’s consultation on a proposed approach to exempting post-trade risk reduction (PTRR) transactions from the derivatives clearing obligation under Article 4 of the European Market Infrastructure Regulation (EMIR). ISDA...
IQ Interview with David Bailey
The Bank of England’s Prudential Regulation Authority recently finalized its Basel 3.1 framework for implementation at the start of 2027. David Bailey, executive director for prudential policy, talks to IQ about the importance of global consistency and the need to...