ECB opinion on derivatives reform spurs debate on CCP liquidity resilience


European regulators have welcomed a European Central Bank (ECB) paper that favours giving central counterparties (CCPs) access to central bank funds in order to clear over-the-counter derivatives.

In an official opinion on the European Commission's (EC) proposed regulation on OTC derivatives, CCPs and trade repositories, dated January 13 and signed by ECB president Jean-Claude Trichet, the bank suggests a crucial change to article 10 of the proposed text, which rules CCPs must have access to

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ESRB narrows its macro-prudential tools

The European Systemic Risk Board is about to announce a slimmed-down list of potential macro-prudential tools, but who has the power to use them is still the subject of debate. By Michael Watt

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