EC’s McCreevy admits to challenges of derivatives reform

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The European Commission (EC) will press ahead with sweeping reforms of the European derivatives market despite fears of unintended consequences voiced by corporate end-users, says EC internal market and services commissioner Charlie McCreevy.

Speaking in Brussels last night on the eve of a high-level EC conference on derivatives, McCreevy said he was aware of industry concerns, but the severity of the financial crisis necessitates the scale of the response he is planning.

"The idea of a

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