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A-Team Insight Blogs

McCreevy Adds His Voice to Debate on CDS Clearing Counterparty

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.

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