On June 14, the European Commission published a consultation on Derivatives and Market Infrastructures. This follows on from its October communication on future policy actions to ensure efficient, safe and sound derivatives markets (as reported in the October 23, 2009, edition of Corporate and Financial Weekly Digest).
The consultation addresses a number of topics, including: clearing and risk mitigation of over-the-counter derivatives contracts; requirements for central counterparties (CCPs); interoperability between CCPs; and reporting obligations and requirements for trade repositories.
The consultation closes on July 10, 2010. The Commission will then prepare a formal legislative proposal, currently scheduled to be published in September.