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The ESCB and CESR consult on the “draft recommendations for central counterparties as amended for OTC derivatives”.
The paper does not contain any revisions that the ESCB and CESR consider necessary in order to address the comments submitted in the first consultation, but rather only focuses on OTC derivatives.
ESCB and CESR analysed a wide range of aspects relevant for the clearing of OTC derivatives in general and credit derivatives in particular. The working group has identified a few areas where additional clarifications of the relevant draft recommendations could be helpful and has revised the draft recommendations accordingly.
Deadline for comments is 17 April 2009.