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ECB Wants Bigger Role In OTC Reform
Jean Claude Trichet, president of the European Central Bank, said the ECB wants a bigger role in developing reform for the over-the-counter derivatives market, reports Financial Times.
Jean Claude Trichet, president of theEuropean Central Bank, said the ECB wants a bigger role in developing reform for the over-the-counter derivatives market. In a letter to theEuropean Commission, Trichet stated that since central banks have “a statutory role and responsibilities to safeguard financial stability as well as for the safety and efficiency of financial infrastructures,” they should have “adequate involvement” in the rule-making process.