The Economic and monetary affairs committee of the European Parliament today agreed that Kay Swinburne MEP, on behalf of the European Conservatives and Reformists (ECR) group, will continue to lead the Parliament’s negotiation team on this important legislative file.
Following the G20 agreement in 2010 to centrally clear derivative products, international work has continued as more focus has come upon central counter parties as a new point of systemic risk.
Kay Swinburne said:
“I am glad that my colleagues in the Parliament have confidence in my technical knowledge of the subject and are willing to put financial stability ahead of the politics on this important subject.
“If a CCP gets into trouble, the financial turmoil will be global and not confined to one political region like the EU. I have been pleased with the progress made at an international level by the FSB and CPMI-IOSCO and intend to ensure that the EU legislation stays in line with it as closely as possible.
“Everyone has agreed that we will work constructively to act swiftly to put in place a legal framework that provides more certainty and stability to the financial system.”