Central clearing houses to mitigate counterparty risk

Clearing houses are to play a bigger role in mitigating counterparty risk for trading over-the-counter derivatives. In a statement made on October 17 reviewing the derivatives market before the end of the year, Charlie McCreevy, European Commissioner for the Internal Market and Services, said there is a pressing need to have a central clearing counterparty for OTC derivatives. "This has been underlined by the collapse of Lehman, a major counterparty in the derivatives area," said McCreevy.

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