CDS Dealers Commit To EU Central Clearing Parties

Law360, New York (February 19, 2009, 12:00 AM EST) -- Nine leading credit default swaps-dealing firms have agreed to use European Union-based central clearing parties for eligible EU contracts by the end of July as part of an ongoing effort to restore confidence in the derivatives market.

In a letter sent Wednesday to EU Financial Services Commissioner Charlie McCreevy, the nine firms, along with two industry associations, committed to working closely with infrastructure providers, regulators and the European Commission in resolving outstanding technical, regulatory and practical issues related to using CDS CCPs, the EC announced Thursday....
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