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August 2009


Response to the European Commission's consultation on possible initiatives to enhance the resilience of OTC derivatives markets

The London Stock Exchange Group has responded to the European Commission's consultation on possible initiatives to enhance the resilience of OTC derivatives markets. We agree with the Commission's objective of seeking to strengthen the safety of derivatives markets and assess how risks can be reduced. We believe that transparent markets facilitate the achievement of this objective as well as assisting in price determination and improving market efficiency. The trading of derivatives via public order books should be encouraged, however we recognise that not all products are suitable for exchange trading and there will continue to be a need for an OTC derivatives market, albeit subject to appropriate levels of transparency and controls. We also note that the Commission needs to be mindful of the potential systemic risks arising from seeking to bring some of the more complex products (notably Credit Default Swaps) on to CCPs and, in particular, the resulting concentration of risk in key market infrastructure providers.

Downloads
Response to EC consultation on OTC derivatives(pdffile pdf - 51 KB)

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