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Commissioner McCreevy welcomed the outcome of the first meeting of the working group set up to find a solution to the clearing of credit default swaps. Participants agreed that technical work would proceed in subgroups to deal with issues such as which CDS-types would be cleared by when, which standards should apply to central clearing counterpaties to ensure their robustness, how to ensure coherence with work taking place in the United States, how to deal with price reporting, how to ensure adequate information and supervision by regulators.
Following technical preparation involving all actors the Group would meet again early in December.
The Commission's objective is to set up a clear roadmap on how to ensure that CDS are cleared through a central clearing counterparty by the end of this year. All participants today confirmed that this was a reasonable timing.
List of organisations representing the industry and regulators, chaired by the European Commission:
AIMA - Alternative Investment Management Association
CEA - Comité Européen des Assurances (European Insurance and Reinsurance Federation)
CEBS - Committee of European Banking Supervision
CEIOPS - Committee of European Insurance and Occupational Pensions Supervisors
CESR - Committee of European Securities Regulators
DTCC - Depository Trust and Clearing Corporation
EACH - European Association of Central Counterparty Clearing Houses
EBF - European Banking Federation
ECB - European Central Bank
EFAMA - European Fund and Asset Management Association
FESE - Federation European Securities Exchange
FOA - Futures & Options Association
ISDA - International Swaps and Derivatives Association
LIBA -
SIFMA - Securities Industry & Financial Markets Association
WBMA - Wholesale Markets Brokers' Association