The UK’s Financial Services Authority (FSA) has told the chief executives of major participants in the UK OTC credit derivatives market that it is their responsibility to ensure that their firm has back office systems and controls capable of keeping pace with the growth in their OTC credit derivatives business.
The FSA has recently become concerned at the high level of unsigned confirmations outstanding between counterparties for OTC credit derivatives with, in certain cases, transactions remaining unconfirmed for months.
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