ECB has responded to the Commission’s consultation on OTC derivatives markets. It is pleased with the progress towards CCP clearing facilities for OTC credit derivatives. It thinks there is a strong need for safeguards to ensure operational efficiency and resilience, legal certainty, counterparty risk management and transparency across all parts of the OTC derivatives markets. It welcomes the recent ESCB-CESR recommendations but says some systemic and financial stability issues would not be covered by the recommendations nor by CCPs (including various interdependencies) so these should be addressed. Finally, it highlights global agreement and information sharing as key to success. ECB has also published a report on OTC Derivatives and post-trading infrastructures.