Banks join T-Zero® Credit Trade System
Financial Times - October 30, 2007

This story discusses T-Zero®'s growth signing up participants for the firm's settlement services.
Mark Beeston, T-Zero®'s president, said 11 banks were already using the service while three others are planning on joining the platform soon.

The story says that novations, or the practice of switching an open derivatives contract between parties, is a complex undertaking requiring confirmations from at least three parties. It was one of the biggest sources of problem trades in the past. “Two years ago, we had not processed our first trade: now we are supported by, or are about to be supported by, all of the Fed 14 and we have 142 buyside clients," said Beeston.

 

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