Eurex has come out in support of requests by European Commissioner Charlie McCreevy’s to improve credit derivatives markets in trading and clearing.
McCreevy released a statement saying that regulators needed to examine how the risks from credit derivatives could be mitigated.
“I also would like to have a systematic look at derivatives markets in the aftermath of the lessons learned from the current turmoil,” he says.
Derivatives exchange and clearing house Eurex today said it shares the European Commissioner McCreevy’s call for action to improve market infrastructure in trading and clearing of OTC derivatives, most importantly credit default swaps (CDS.
“We agree with Commissioner McCreevy’s view that standardized trading and central clearing services will strengthen market integrity and stability in the credit derivatives market. Eurex has an immediately available ‘ready-to-use’ solution for trading and clearing of CDS. We are open to create a consortium with the CDS users to share governance and control of the CDS services,” Eurex CEO Andreas Preuss said in Brussels.
Commissioner McCreevy has promised to convene “all the main players concerned” in his effort to review derivatives markets.