The Paris takes the initiative. It hosts an ambitious project to organize the market of CDS (credit default swap) for the euro area. These swap against the default risk of a third party have been accused, especially during the Greek crisis, making the game of speculation and amplify shocks to the markets. Their trade OTC accentuating the impression of opacity. For over a year, the G20 called for regulation. The French authorities have taken for themselves the message, advocating a specific solution to the eurozone.

The appeal was heard by LCH.Clearnet SA, the Paris branch of British group. It was launched Monday a platform for the clearing of credit derivatives in euros. For this one day, twenty operations, which were recorded Friday were treated to a total of 220 million euros.The clearinghouse secure participants (counterparties), ensuring that the warranty providers are creditworthy. For now, she can count on the support of four major French banks: BNP Paribas, Societe Generale, Natixis and Credit Agricole. It's already better than his competitor for the euro area, German Eurex, with only two users, the Italian UniCredit and the Japanese Nomura.

"With the involvement of French banks, this platform is hoped to position itself as the first euro zone," said Jean Tricou, director of investment banking and market to the French Banking Federation easy payday loans. Deutsche Bank, JPMorgan and Goldman Sachs to carry three of them, 40% of the CDS market analysis Christophe Hemon, the CEO of LCH.Clearnet SA.Our goal is to attract at least one of its establishments, and ideally all three. "

Counters of the ECB

The governor of the European Central Bank, Jean-Claude Trichet, has repeatedly stressed the importance for the euro area to have its own clearing house, so they benefit from direct access to refinancing by euro, with ECB counters. It is also for European regulators to access information on transactions made on derivatives, potentially systemic, and are now mostly available from London and American actors.

"This is an important first step. We must expand these efforts to compensate for all derivatives markets over the counter, by anchoring infrastructure in rural Europe.It is not only an issue of European regulation but also competitiveness, "emphasized Jean-Pierre Jouyet, chairman of the Financial Markets Authority (AMF).

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