The first European Union meeting to discuss the future of the credit default swaps market was held on Wednesday October 6. Representatives of more than a dozen regulatory and industry bodies – from CEIOPS (the Committee of European Insurance and Occupational Pensions Supervisors) to EACH (the European Association of Central Counterparty Clearing Houses – agreed to proceed with “technical work” before a second meeting, scheduled for December.
The European Commission – the EU’s executive branch – has not yet given a precise date for the meeting, but wants to draw up a “roadmap” towards a centrally cleared CDS market “before the end of the year”.
The parties present will work in subgroups to determine which types of CDS would be cleared by when; what standards should apply...