Charlie McCreevy, the EU internal market commissioner, gave the financial industry another kick in the pants on Tuesday January 6 when he complained that progress towards central counterparty (CCP) clearing for the credit default swap market had been too slow – and threatened to force the pace.
“A firm engagement was expected from the involved industry and regulators. This engagement has not been given,” a spokesman for the EU commissioner said, confirming McCreevy’s words. “The commissioner will therefore have to consider the appropriate next steps.”
The Irish commissioner has been disgusted with some of the damage caused by the credit crisis and has been browbeating the markets with threats of...