Wednesday, January 28, 2009

The EU blinks

Last week, after the major CDS dealers refused to commit to a firm mid-year deadline for the introduction of a European clearinghouse, the EU threatened to introduce legislation mandating central clearing for CDS:

Barring a last minute change of heart by dealers, EU Internal Market Commissioner Charlie McCreevy will propose that a provision for mandatory clearing be inserted into the reform of EU bank capital rules the European Parliament and EU states are now adopting
The dealers, however, were not impressed:
"It's a certainty the market will move without a mandate but the dealers will do it on their own terms and their own timetable," one dealing company said.
A ballsy quote given the current political environment, if you ask me. But it looks like the EU has blinked:
Brussels on Tuesday opened the door to renewed negotiations over establishing a European clearing system for the huge credit default swap market. “There is still time to have further talks,” said Charlie McCreevy, EU internal market commissioner, as he attended a financial services conference in Brussels. The commissioner’s softer approach contrasts with threats by Brussels to bring in legislation that would force the creation of a so-called European solution for the clearing of over-the-counter products. Talks with industry players, including exchanges, clearers and dealers in such OTC markets broke down after the dealer community failed to commit to a timetable for establishing a clearing solution by the middle of the year.
Bringing the all-time score to: ISDA (et al.): 4,793 Regulators: 0


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