Legal Spotlight

Clearing up the mess

The establishment of one or more central counterparties, or CCPs, for credit default swaps has been on the agenda of regulators for some time now. In Europe, the issue has attracted particular attention from the EU Commissioner for Internal Markets and Services, Charlie McCreevy, resulting in an acrimonious debate with European CDS dealers. In December 2008, Commissioner McCreevy believed that he had an agreement with a number of the principal players in the European CDS mark

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