Today, representatives from various regulatory agencies with jurisdiction over current and potential credit-default swap (CDS) central counterparties (CCPs) discussed the potential development of a global cooperative framework. According to a press release from the Federal Reserve Bank of New York, attendees included representatives from the Commodity Futures Trading Commission, the European Central Bank, the Deutsche Bundesbank and German Financial Services Authority, U.K. Financial Services Authority, the Hungarian Financial Services Authority, the New York State Banking Department, the Federal Reserve and the Securities and Exchange Commission. This was a second meeting on the subject after an initial meeting on January 12, 2009.
The discussion at today’s meeting focused on mutual support among regulators in their roles with respect to CDS CCPs and movement towards a international consistency in standards, public policy goals and oversight approaches for CDS CCPs. The various regulators intend to conduct a workshop shortly with other interested regulatory and governmental bodies to consider their needs and interests.