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EU and US pledge unity over regulating credit default trading
Published in Saudi Press Agency on 15 - 03 - 2010

European Union and United States regulators
pledged today to act together in regulating speculative trading
in credit default swaps (CDS), a tool used by investors to cover
themselves against losses, according to dpa.
Authorities on both sides of the Atlantic have launched
investigations over the role of CDS trading in connection with
Greece's debt crisis.
Critics say "naked" CDS trading on Greek bonds - essentially
buying insurance against default without holding a stake in the bonds
themselves - gave traders an incentive to put pressure on Athens'
finances, because they had nothing to lose from it.
The EU's internal market commissioner, Frenchman Michel Barnier,
said action needed to be taken, after meeting in Brussels with the
top US futures regulator, the chairman of the Commodity Futures
Trading Commission (CFTC) Gary Gensler.
"Regulation of derivatives, including CDS is part of the G20's
mandate, so nobody should be surprised if we now act together and in
parallel, taking account of our political specificity and different
cultures," he said.
"We need to regulate this market but we need to do it together,"
Gensler agreed, stressing how CDS are part of a a wider over-the-
counter derivatives market which is "over 12 times the size of the
world economy."
The exchange seemed to obscure recent frictions between the EU and
the US over regulation of hedge funds.


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