UBS has added its voice to calls for Europe's market regulators to tackle a crucial part of the trade lifecycle estimated to be responsible for annual industry-wide losses of €400m ($630m).

Commenting on the process of same day affirmation, when buyers and sellers confirm details of a trade before settlement, Simon Haggerty, managing director at UBS, said: “Same day affirmation is arguably the single most important initiative to progress cross border securities’ productivity and rick management.”