In response to concern about backlogs in trade information and the stability of the economy, US Congress have pledged to issue a report on the use of information technology in the credit derivatives market. The deadline for the report is 27 June.
It is claimed that information infrastructure problems could cause financial problems that would affect the entire economy. The report was requested by lawmakers, including John Dingell who is the Democratic Representative for Michigan. He is also the chairman of the House Energy and Commerce Committee.
The FSA say that outstanding trade confirmation volumes have risen in the equity derivatives markets over the last year which has lead to a backlog. They have called for firms to realise the need for action over the issue.