Representatives from regulatory agencies with direct authority over one or more of the existing or proposed credit-default swap central counterparties (CDS CCP) discussed today possible information sharing arrangements and other methods of cooperation within the regulatory community.
Today’s discussion follows an initial meeting held at the Federal Reserve Bank of New York on January 12, 2009. The discussions included representatives from the Federal Reserve, Commodity Futures Trading Commission, U.K. Financial Services Authority, the German Federal Financial Services Authority (BaFin), Deutsche Bundesbank, the New York State Banking Department, the Securities and Exchange Commission, and the European Central Bank and the Hungarian Financial Services Authority in their roles as co-chairs of the joint ESCB-CESR Working Group on Central Counterparties.
The primary objectives of the effort discussed today include:
- Mutually supporting each regulator in carrying out its respective authorities and responsibilities with respect to CDS CCPs; and
- Applying consistent standards and promoting consistent public policy objectives and oversight approaches for all CDS CCPs.
To facilitate communication among the regulatory community with respect to all CDS CCPs, CDS CCP regulators plan to host a workshop in the near future with representatives of other interested regulators and governmental authorities that are currently considering CDS market matters, to discuss the CDS CCP regulatory interests and information needs of other authorities and the market more broadly.