Dealers face New Year hangover

Major derivatives dealers have come up with an action plan to address the worrying backlog of credit derivatives confirmations. But with the buy side yet to sign up to key parts of the response and a bankruptcy filing from Delphi to confuse the issue, can they deliver on their resolutions for 2006? Saskia Scholtes reports

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During the next few weeks, millions of people will venture towards 2006 with honourable intentions to enact bold and sometimes hastily conceived New Year's resolutions. For many, the tradition is a well-travelled path paved with broken promises to exercise more, lose weight, stop smoking, cut down on alcohol, eat a healthier diet or make new friends.

In early October, 14 of the major dealers in the credit derivatives industry, including JPMorgan, Goldman Sachs, Deutsche Bank, Morgan

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