European Parliament votes down 'hair-raising' CDS charge

A "hair-raising" capital charge for credit default swaps in Europe that are not centrally cleared has been voted down by a European Parliament committee.

The Economic and Monetary Affairs Committee was voting on potential changes to the EU's capital requirements directive (CRD). Among them was a proposal made by French Socialist MEP Pervenche Beress, which would have limited any regulatory capital benefits of CDS to those cleared via a central counterparty in the European Union.

"There were some

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