Seventeen derivatives houses, including JPMorgan, Deutsche Bank and Goldman Sachs, agreed to delay the adoption of the International Swaps and Derivatives Association's 2002 equity derivatives definitions to June 1 at a meeting at JPMorgan's London office on Thursday. The start date was pushed back because derivatives houses still need time to prepare their back office systems and confirmations to handle the change, participants said. This is the same reason that pushed back the date for new credit derivatives definitions (DW, 3/9).
Simon Cureton, European and Asian head of OTC equity derivatives documentation at Deutsche Bank in London, said he did not think the implementation of the definitions would be delayed any further. "The larger houses are pushing for this date to be set in stone--if a firm chooses not to do this, it will have to run the gauntlet," he added.
