Memo: First meeting of the working party on derivatives

Commissioner McCreevy welcomed the outcome of the first meeting of the working group he has set up to find a solution to the clearing of credit default swaps (CDS). The group is composed of representatives from the industry and the regulators and chaired by the European Commission.

At today's meeting participants agreed that technical work would proceed in subgroups to deal with issues such as which CDS-types would be cleared by when, which standards should apply to central clearing counterpaties to ensure their robustness, how to ensure coherence with work taking place in the United States, how to deal with price reporting, how to ensure adequate information and supervision by regulators.

Following technical preparation involving all actors the Group would meet again early in December.

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