As derivatives markets are global and are markets in which American and European participants play a predominant role, it is important that the directive for these markets is drafted with a coordinated view.
The AMF stresses the urgent need to elaborate a regulatory framework for the derivatives market and, in particular, for the credit derivative given their growing importance. The statements and recommendations of the G20 and of the Financial Stability Broad are unambiguous on this issue. This is why the Commission needs to act ambitiously and acquire a comprehensive legal and technical framework so that Europe is in a position to maintain a dialogue at the international level.
As derivatives markets are global and are markets in which American and European participants play a predominant role, it is important that the directive for these markets is drafted with a clear view of the developments of the United States in this field.
To help derivatives markets – and especially in the credit derivatives segment – function more effectively, the AMF also urges the Commission to work on the initiatives to deliver greater transparency on these markets to improve disclosure to investors, particularly by a more widespread use of regulated trading systems.
In addition, regulators must step up surveillance of these markets, not only because of their impact on the financial stability, but also because of their impact on other markets, in particular, equity markets.
© European Commission
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