BAKGRUNN (fra kommisjonsmeddelelsen, engelsk utgave)

The ongoing financial crisis has brought derivatives to the forefront of regulatory attention. The near-collapse of Bear Sterns in March 2008, the default of Lehman Brothers on 15 September 2008 and the bail-out of AIG on 16 September highlighted the significant role played by derivatives in general and Credit Default Swaps (CDS) in particular.

There is broad agreement about the benefits and risks of derivatives markets as exposed by the financial crisis. The report of the High Level Group chaired by Jacques de Larosière demonstrated the risks associated with the rapid explosion of the use of credit derivatives and stressed the need to address the lack of transparency in the market. To this end, the report recommended action to simplify and standardise over the counter (OTC) derivatives and to introduce central counter party (CCP) clearing. The G20 Summit in London in April committed to promoting the standardisation and resilience of credit derivatives markets, in particular through the establishment of central clearing counterparties subject to effective regulation and supervision. The European Council on 19 June 2009 also called for further progress to be made to ensure the transparency and stability of derivatives markets.