Effektive, sikre og sunne derivatmarkeder
Meddelelse fra Kommisjonen: Sikring av effektive, sikre og sunne derivatmarkeder
Meddelelse lagt fram av Kommisjonen 3.7.2009
Nærmere omtale
BAKGRUNN (fra kommisjonsmeddelelsen, engelsk utgave)
The ongoing financial crisis has brought derivatives to the forefront of regulatory attention. The near-collapse of Bear Sterns in March 2008, the default of Lehman Brothers on 15 September 2008 and the bail-out of AIG on 16 September highlighted the significant role played by derivatives in general and Credit Default Swaps (CDS) in particular.
There is broad agreement about the benefits and risks of derivatives markets as exposed by the financial crisis. The report of the High Level Group chaired by Jacques de Larosière demonstrated the risks associated with the rapid explosion of the use of credit derivatives and stressed the need to address the lack of transparency in the market. To this end, the report recommended action to simplify and standardise over the counter (OTC) derivatives and to introduce central counter party (CCP) clearing. The G20 Summit in London in April committed to promoting the standardisation and resilience of credit derivatives markets, in particular through the establishment of central clearing counterparties subject to effective regulation and supervision. The European Council on 19 June 2009 also called for further progress to be made to ensure the transparency and stability of derivatives markets.
Since October 2008 the Commission has been working actively on an in-depth review of derivatives markets. As announced in the Communication "Driving European Recovery", this Communication presents the findings of that review and prepares the ground for forthcoming measures to address the problems identified. In parallel the Commission will continue to work constructively with industry to ensure the implementation of its commitment to introduce EUbased central clearing by end-July 2009. The Commission will take full account of the measures taken by industry in designing the follow-up.
This Communication is accompanied by a Commission Staff Working Paper, which contains an overview of (i) derivatives markets, (ii) OTC derivative market segments, and (iii) an assessment of the effectiveness of current measures to reduce risks, notably as regards Credit Default Swaps (CDS).
The Commission welcomes the feedback of stakeholders on the orientations presented in this Communication and in particular on the specific questions set out in more detail in the accompanying Consultation Document. Responses should be sent to the Commission by 31 August 2009.
The ongoing financial crisis has brought derivatives to the forefront of regulatory attention. The near-collapse of Bear Sterns in March 2008, the default of Lehman Brothers on 15 September 2008 and the bail-out of AIG on 16 September highlighted the significant role played by derivatives in general and Credit Default Swaps (CDS) in particular.
There is broad agreement about the benefits and risks of derivatives markets as exposed by the financial crisis. The report of the High Level Group chaired by Jacques de Larosière demonstrated the risks associated with the rapid explosion of the use of credit derivatives and stressed the need to address the lack of transparency in the market. To this end, the report recommended action to simplify and standardise over the counter (OTC) derivatives and to introduce central counter party (CCP) clearing. The G20 Summit in London in April committed to promoting the standardisation and resilience of credit derivatives markets, in particular through the establishment of central clearing counterparties subject to effective regulation and supervision. The European Council on 19 June 2009 also called for further progress to be made to ensure the transparency and stability of derivatives markets.
Since October 2008 the Commission has been working actively on an in-depth review of derivatives markets. As announced in the Communication "Driving European Recovery", this Communication presents the findings of that review and prepares the ground for forthcoming measures to address the problems identified. In parallel the Commission will continue to work constructively with industry to ensure the implementation of its commitment to introduce EUbased central clearing by end-July 2009. The Commission will take full account of the measures taken by industry in designing the follow-up.
This Communication is accompanied by a Commission Staff Working Paper, which contains an overview of (i) derivatives markets, (ii) OTC derivative market segments, and (iii) an assessment of the effectiveness of current measures to reduce risks, notably as regards Credit Default Swaps (CDS).
The Commission welcomes the feedback of stakeholders on the orientations presented in this Communication and in particular on the specific questions set out in more detail in the accompanying Consultation Document. Responses should be sent to the Commission by 31 August 2009.