EBF supports Central Clearing

19 February 2009

The EBF supports the establishment of CCPs to facilitate the clearing of Credit Default Swaps in Europe and urges MEPs to reconsider amendments to the Capital Requirements Directive in light of the current progress made.

In a letter to Commissioner McCreevy the EBF clearly expressed the Federation’s support to the establishment of central counterparties to facilitate the clearing of Credit Default Swaps in Europe, but has no preference as to the location of the CCP(s).

 

“The objective of a European clearing is necessary and it will be pursued”, declared Guido Ravoet, Secretary General of the EBF: “There is a broad cross-industry consensus on this issue”.

 

Alessandro Profumo, President of the European Banking Federation, also urged members of the European Parliament to reconsider amendments to the Capital Requirements Directive, which are currently being debated, in light of the current progress made on CCPs.

 

The full press release is attached below.

 

© EBF