“We welcome the proposals to help increase transparency and reduce credit and operational risk in the market. But more work will be needed to analyse whether these proposals could help mitigate systemic risk.”
JAMES COILEY| PARTNER AT ASHURST
Although the text of the proposal is balanced, it permits national regulators and the European Securities and Markets Authority to ban entry into credit default swaps on as wide or as narrow a basis as they choose.
ANDREW BAKER |CHIEF EXECUTIVE AIMA
In the interests of international regulatory consistency it is desirable that the Commission is harmonising rules in both these fields. A common regime that concentrates on reporting is the way forward.
JUSTIN URQUART STEWART | SEVEN INVESTMENT
I have no problem with more transparency, so that people can see we are not taking unnecessary risks that cause systemic failures. But it is also essential that they realise these things are essential tools of the trade.