Newsletter Oct 2005: Banks pledge to improve op risks on credit derivatives

NEW YORK – Regulators have welcomed the initial commitments made in early October by the 14 most active participants in the booming credit derivatives market to improve their operational infrastructure, including targets and deadlines to reduce worrying back office confirmation backlogs. The commitments were given in a joint letter, dated October 4, from the senior managements of 14 US and European banks and investment banks to Timothy Geithner, president of the Federal Bank of New York.