The credit derivatives market has teetered on the brink of back-office meltdown for years now. To some, it recalls the 1960s back-office crisis in U.S. stocks that nearly brought the stock market to a creak. This time around, the likes of Goldman Sachs, JPMorgan and Morgan Stanley have been forced to work their back-office staff for 12-hour days and grapple with rigged up software to ensure clearance with other banks. In a technology-driven industry, this is almost comical. Legitimate solutions are visible. Regulators are keen to the issues. The Depository Trust and Clearing Corporation has moved into derivatives. A few startups have emerged. For many, this is way too late.

For more on the market:
- Here's a Financial Times article via msnbc.com