The European Commission is set to mimic US efforts to reduce risk in the opaque over-the-counter markets by calling together market participants to discuss launching a clearing house for credit derivatives.
In a speech today on market regulation, Charlie McCreevy, the European Commissioner for the internal market, said the current lack of adequate oversight in the $60 trillion (â¬45 trillion) credit default swaps market could "lead to nasty surprises when things go wrong."
