After a year of trying - somewhat successfully - to cut down on backlogs in processing credit derivatives, the major investment banks are being told today by the New York Fed to try harder. Risk News will have the details of the meeting when it closes, but at the moment it's hard to fault the Fed's concern.

It's true that the backlog has dropped over the year and a bit since Gerald Corrigan's Counterparty Risk Management Policy group raised the problem, but that doesn't mean the issue has gone away, as the FSA pointed out last week. The Fed seems to be concerned, too, with confirmation delays in the equity derivatives market - as its president Timothy Geithner said in Hong Kong earlier this month.

Comment on the credit derivatives market on the Risk Forum.