Email News Service February 09: Credit derivative firms forced to adopt European central clearing by end-July

LONDON, February 26 (Global Risk Regulator) - Representatives of the credit derivatives industry are claiming the deal that nine major dealer firms agreed with the European Commission last week is a compromise “giving everybody a bit of what they want.” However, it looks more like a victory for internal markets commissioner Charlie McCreevy. The nine firms have pledged to clear eligible European credit default swap (CDS) contracts through a European central counterparty (CCP) by the end of July.