McCreevy Calls For Scrutiny Of Derivatives Market

Law360, New York (October 17, 2008, 12:00 AM EDT) -- European Union Financial Services Commissioner Charlie McCreevy has called for scrutiny of the derivatives market, saying more derivatives should be traded on exchanges and suggesting that a single clearing counterparty for derivatives be created.

In a public statement on Friday, McGreevy said that the recent collapse of American investment bank Lehman Brothers Holdings Inc. and other large financial institutions raised questions about the stability of the $600 trillion worldwide derivatives market, and called for the European Union to examine the market more closely.

Derivatives, which are...
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