About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

McCreevy Adds His Voice to Debate on CDS Clearing Counterparty

Subscribe to our newsletter

Originally appeared in MiFID Monitor

European Union internal markets commissioner Charlie McCreevy has added his two pennies worth to the debate on the introduction of a clearing counterparty for the credit default swap (CDS) market by urging European players to get involved. McCreevy is concerned that Europe may be left behind in the race to set up a clearing body, as US players including CME Group and the Clearing Corporation up the ante.

Although European players such as Eurex and Liffe have indicated they will introduce offerings in the CDS market, McCreevy urged them to produce more “concrete” plans before the end of the year. He is concerned that the risk associated with these OTC derivatives should not be concentrated in the US market.

Liffe, the derivatives arm of NYSE Euronext, is collaborating with its clearer, LCH.Clearnet, on the launch of a service called Bclear in the fourth quarter of this year. Eurex, the derivatives arm of Deutsche Börse, has said its credit derivatives clearing solution will be available in the first quarter of next year.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Best practice approaches to trade surveillance for market abuse

Breaches of market abuse regulation can lead to reputational damage, eye-watering fines and, ultimately, custodial sentences of up to 10 years. Internally, market abuse triggers scrutiny of traders and trading behaviours; externally it can undermine confidence in markets and cause financial instability. This webinar will discuss market abuse of different types, such as insider trading...

BLOG

Best Practice Approaches to Trade Surveillance for Market Abuse

In 2023, Openmarkets Australia was fined the largest ever penalty imposed by the?Australian Securities and Investments Commission (ASIC) of $4.5 million. Among other observations, the regulators noted that Openmarkets had not appropriately calibrated its post-trade surveillance system and that this resulted in an unmanageable volume of alerts, most of which were not reviewed.  “This outcome...

EVENT

Buy AND Build: The Future of Capital Markets Technology, London

Buy AND Build: The Future of Capital Markets Technology London on September 19th at Marriott Hotel Canary Wharf London examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

BCBS 239 Data Management Handbook

Our 2015/2016 edition of the BCBS 239 Data Management Handbook has arrived! Printed copies went like hotcakes at our Data Management Summit in New York but you can download your own copy here and get access to detailed information on the  principles and implications of BCBS 239 on Data Management. This Handbook provides an at-a-glance...