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Email News Service Jul 09: GRR news summary: EU OTC proposals; G8 agreement on new rules played down; UK hindering global reform; Fed systemic role logical; Regulation push must continue; Countercyclical charges seen difficult |
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LONDON, July 6 (Global Risk Regulator) – A summary of recent international regulatory news follows:
EU OTC plans expect default swap clearing deadline to be met BRUSSELS – The off-exchange derivatives industry is expected to move the clearing of controversial credit default swaps (CDS), frequently blamed for a malign role in the global financial crisis, to approved central clearing parties (CCPs) by the end of this month, the European Union’s top financial regulator said at the end of last week. 
“Derivatives markets play an important role in the economy but the crisis has shown that they may harm financial stability,” EU internal markets commissioner Charlie McCreevy said in announcing long-awaited proposals for strengthening the over-the-counter (OTC), or privately traded, derivatives markets. The proposals parallel in many ways plans put forward by the US Administration last month for tougher rules for OTC derivatives trading. The European Commission, the EU’s executive arm, is also looking at standardisation of contracts, central data repositories, and CCPs as tools to ensure OTC derivatives don’t harm financial stability. The Commission will further assess the advantages of moving more OTC business onto public trading venues.
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