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

Recorded Webinar: Mastering Data Lineage for Risk, Compliance, and AI Governance

Financial institutions are under increasing pressure to ensure data transparency, regulatory compliance, and AI governance. Yet many struggle with fragmented data landscapes, poor lineage tracking and compliance gaps. This webinar will explore how enterprise-grade data lineage can help capital markets participants ensure regulatory compliance with obligations such as BCBS 239, CCAR, IFRS 9, SEC requirements...

BLOG

Modern Data Landscape Comes Under Scrutiny at Data Management Summit London

From data products and marketplaces to the new challenges of regulatory compliance and the latest thinking on unstructured data, A-Team Group’s Data Management Summit London 2025 took in the full breadth of topics that chief data officers and their teams are dealing with daily. With a line up of C-suite executives and expert speakers from...

EVENT

AI in Capital Markets Summit London

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

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...