ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES
ASSOCIATION, INC.
NEWS
RELEASE
For
Immediate Release Friday, April 23, 2010
For More
Information, Please Contact:
San Francisco Press Room: +1 415–772–5422 (April 21 -
April 23, 2010)
Rebecca O'Neill, ISDA London, +44
203 088 3586, roneill@isda.org
Cesaltine Gregorio, ISDA New York,
+1 212-901-6019, cgregorio@isda.org
Donna Chan, ISDA Hong Kong, +852
2200 5906, dchan@isda.org
ISDA
2010 Operations Benchmarking Survey Highlights Improvements in Post-Trade
Processing
SAN FRANCISCO, Friday, April 23, 2010 – The
International Swaps and Derivatives Association, Inc. (ISDA) released the
results of the 2010 Operations Benchmarking Survey today at its 25th Annual
General Meeting in San Francisco.
The
Survey shows the results of industry investment in infrastructure over the past
several years. The confirmation process, for example, has been automated to the
point where 99 percent of eligible credit default swaps are confirmed
electronically, compared with 95 percent last year. Similarly, 77 percent of
eligible interest rate derivatives are confirmed electronically compared with
61 percent last year.
Infrastructure
improvements are also reflected in the continuing decrease in confirmations
outstanding. Credit derivatives, for example, show an average across all
respondents of 1.1 business days’ worth of aged outstanding confirmations,
compared with 3.8 business days in last year’s Survey. Equity derivative
confirmations outstanding also fell, to 7.6 business days compared with 9.2
last year. To put these numbers in perspective, confirmations outstanding in
2006 were 12.9 business days for credit derivatives and 15.1 business days for
equity derivatives.
“The results of the 2010 ISDA Operations
Benchmarking Survey illustrate the significant progress that ISDA and the
industry have made to build a stronger and more resilient operational
infrastructure for the privately negotiated derivatives business,” said Robert
Pickel, ISDA Executive Vice Chairman. “Progress will continue as the industry
works proactively and cooperatively with regulators and policy makers
globally.”
About ISDA
ISDA,
which represents participants in the privately negotiated derivatives industry,
is among the world’s largest global financial trade associations as measured by
number of member firms. ISDA was chartered in 1985, and today has over 820
member institutions from 57 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: www.isda.org.
ISDA®
is a registered
trademark of the International Swaps & Derivatives Association, Inc.