Sharon Bowles (Lib Dem, UK), Chairperson of the European Parliament's Economic and Monetary Affairs Committee welcomed today's decision of the Committee to reject an openly protectionist approach to the regulation of derivatives markets.

"It is essential that users of derivatives are not forced to clear them within the European Union, almost regardless of type. All this would do is provoke similar measures in other jurisdictions, without providing a marked benefit."

"I welcome the Committee's support for an approach that would ensure that clearing houses in third countries are subject to thorough equivalence requirements, including ensuring cooperation and information exchange with EU supervisors. This will achieve the aim of high quality supervision and detection of systemic risk, while also taking into account the fact that in many cases only one of the contracting parties to a derivatives contract will be situated in the EU." Bowles adds

The committee also endorsed Sharon Bowles' proposal concerning the central role of liquidity in whether a product should be centrally cleared, the resilience of bilateral derivatives contracts, and the importance of open access to - and clear rules on the ownership and governance of - clearing houses.

"I am optimistic that the Commission has been listening closely to the Parliament, and will take our views into account when it submits its proposals in the coming weeks."

Notes to editors

The plenary vote on the Economic and Monetary Affairs Committee's Report on derivatives will be held during the next plenary session of the European Parliament in June.

For more information, please contact:

Neil Corlett: +32-2-284 20 77 or +32-478-78 22 84

e-mail: neil.corlett@europarl.europa.eu

Federica Terzi: +32-2-283 23 24 or +32-494 18 88 31