Charlie McCreevy, EU internal markets and services commissioner, has called on the derivatives market to adopt greater standardisation so as to facilitate clearing of over-the-counter derivatives – branding the present adoption of standardisation as “unacceptable”.
McCreevy was speaking on September 24 at an opening dinner for speakers on the eve of an EU conference in Brussels on Derivatives in Crisis: Safeguarding Financial Stability. He outlined five issues that he said needed to be addressed in the aftermath of the global financial crisis – but spoke in most detail about standardisation.
“A concern I have is how to incentivise standardisation without stifling innovation. Let me be clear. I...