Anthony Belchambers, chief executive of the Futures and Options Association, has described as “concerning” the news that Charlie McCreevy, EU internal markets commissioner, will introduce legislation to make central counterparty (CCP) clearing mandatory for credit default swaps.
Belchambers told Futures and Options Intelligence he did not believe the market was dragging its feet over the transition to CCP clearing. “As I read the situation, the firms involved have never said that they do not want central counterparty clearing for the credit default swap market,” Belchambers said. “When I read comments attributed to McCreevy...