On 2 December 2009, the Council of the European Union published conclusions on the Commission Communication entitled Ensuring efficient, safe and sound derivatives markets - Future policy action and on the Commission report entitled The Code of Conduct on clearing and settlement: Three years of experience.

Among its conclusions on the Commission Communication the Council broadly welcomed the shift in approach towards derivatives markets, moving from so-called light handed regulation to a more ambitious and comprehensive regulatory policy that is aimed at reducing counterparty and operational risks, increasing transparency of the derivatives market and strengthening market integrity and oversight and, operationally, is expected to shift derivatives trading and clearing from predominantly OTC bilateral transactions towards centralised trading and clearing infrastructures.

View Council conclusions on Commission Communication on "Ensuring efficient, safe and sound derivatives markets - Future policy action" and on Commission report on "The Code of Conduct on clearing and settlement: Three years of experience", 2 December 2009