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 Calls for Regulatory Overhaul and Continues Campaign for European CDS CCP

Subscribe to our newsletter

Originally appeared in MiFID Monitor

European Commissioner for Internal Market and Services Charlie McCreevy is back on his soapbox this week and he seems to have two particular bees in his bonnet. The first is, of course, the need for an overhaul of the European regulatory landscape to improve what he calls the “patchwork” of domestic supervisory coverage. The second is the lack of progress that has been made towards establishing a European central counterparty (CCP) for the credit default swap (CDS) market.

At a conference in Brussels earlier this week, McCreevy explained that previous attempts to tackle market oversight have failed because of domestic regulators’ insular approach to regulation. “In Europe there is now a broad consensus that our supervisory systems have not been and are not up to the mark,” he said.

McCreevy has also for some months been grandstanding the importance of a Europe-based CCP, in order to prevent the risk associated with these OTC derivatives being concentrated in the US market. There are also concerns from the Commission that European regulators would be at a disadvantage dealing with an entity out of their jurisdiction.

According to McCreevy these negotiations are continuing with industry participants including exchanges, clearers and broker-dealers. “There is still time to have further talks,” he told the conference.

Thus far, the broker-dealer community has failed to commit to the endeavour to establish a CCP by the second half of this year. Industry associations including the International Swaps and Derivatives Association (ISDA) and the Futures and Options Association have both spoken out against a European solution in favour of a “global” option.

McCreevy stated that legislation may be the only option: “Given the inadequate industry response so far I am keeping open the option of legislating.”

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: End-to-End Lineage for Financial Services: The Missing Link for Both Compliance and AI Readiness

8 October 2025 10:00am ET | 3:00pm London | 4:00pm CET Duration: 50 Minutes The importance of complete robust end-to-end data lineage in financial services and capital markets cannot be overstated. Without the ability to trace and verify data across its lifecycle, many critical workflows – from trade reconciliation to risk management – cannot be...

BLOG

Uncovering Data Anomalies: 16 Data Observability Solutions for Capital Markets

Financial institutions’ operational resilience depends largely on the integrity of their data and the applications it feeds. The huge volume of data that modern organisations ingest makes this a challenge. The accuracy, completeness and timeliness of critical data can be improved if it is monitored and checked as it moves through increasingly intricate data pipelines...

EVENT

Buy AND Build: The Future of Capital Markets Technology

Buy AND Build: The Future of Capital Markets Technology 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

AI in Capital Markets: Practical Insight for a Transforming Industry – Free Handbook

AI is no longer on the horizon – it’s embedded in the infrastructure of modern capital markets. But separating real impact from inflated promises requires a grounded, practical understanding. The AI in Capital Markets Handbook 2025 provides exactly that. Designed for data-driven professionals across the trade life-cycle, compliance, infrastructure, and strategy, this handbook goes beyond...