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Deutsche Bank forces to traders to get sign-off on individual novations, reports Bloomberg

Thursday, September 18, 2008

Bloomberg reports that Deutsche Bank is insisting that risk managers sign off on individual credit default swap novations, as a result of heightened concern about counterparty risk. The article says that other dealers are taking a similar approach, but declines to name the banks. Sign-off from risk managers means that trades are being delayed by an hour, according to unnamed buy-side sources.


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