Isda conference: safeguards needed against CCP risk

The push to clear over-the-counter derivatives through central counterparties (CCPs) could create new weaknesses in the financial system, warned speakers at a conference in London organised by the International Swaps and Derivatives Association.

"We need guarantees that the CCPs are safe - we need some organisation or business rules," acknowledges Maria Velentza, the head of the European Commission's securities markets unit. Without careful oversight, the CCPs could become the source of a new

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