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On 24 February 2009, the ECB hosted a meeting with representatives of the European banking and clearing industry, the Eurosystem, the European Commission, the EU Council, the European Parliament and other stakeholders on the setting up of one or more European central counterparties (CCPs) for credit default swaps (CDS).
The aim of the meeting was to further the dialogue on establishing European CCP(s) for CDS, namely with regard to the respective private and public sector requirements and the state of existing and envisaged CCP facilities.
The ECB provided a short presentation.
The European Banking Federation, the European Association of Co-Operative Banks and the European Funds and Asset Management Association presented their requirements for EU CCPs for CDS. ICAP will give an overview of its recent White Paper on OTC derivatives markets.
ISDA presented current industry initiatives to increase standardisation of OTC derivatives markets.
– Discussion with the European Parliament –
The ECB and CESR informed about the state of play regarding the adaptation of the draft ESCB-CESR recommendations for central counterparties with respect to OTC derivatives.
The Chairwoman of the EP’s Economic and Monetary Affairs Committee presented the proposal for amending the Capital Requirements Directive that is discussed by the European Parliament.
The DTCC reviewed recent developments in the data warehouse and outline forthcoming initiatives and challenges.
CME/Citadel, Eurex Clearing, ICE, Liffe/LCH.Clearnet Ltd. and LCH.Clearnet SA informed about the state of play regarding their existing or envisaged CCP facilities.