Legal Spotlight
CDS dealers are under pressure to come up with a market-led solution to the clearing conundrum before regulators force one on them. Peter Green and Jeremy Jennings-Mares report
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
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