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Addressing the MiFID conference in Brussels, Commissioner McCreevy acknowledged the new trading platforms establish in recent months. “Our preliminary assessment is that implementation has been better than many feared. Not perfect, but better than expected”, he said.
“The present crisis seems like a good occasion to examine whether some MiFID rules, in particular some conduct of business rules, should also be applied to professional counterparties”, he said. Referring to the derivatives market in particular, McCreevy however noted that “today, we wonder whether we know how to manage innovation – both as regards market participants and supervisors”.
The recently established working group to look into the issue of derivatives will establish a roadmap by the end of the year to ensure the clearing of credit default swaps via a central clearing counterparty, the Commissioner announced. However, the group should also investigate the desirability for further transparency in derivatives market under MiFID-like rules, and the inclusion of OTC markets.