One Year Ago

Charlie McCreevy, European commissioner for internal market and services, set up a working group to drive through a solution for credit default swaps, and took proposals from Eurex and NYSE Liffe. [IntercontinentalExchange met the commission’s July 31 deadline for index CDS clearing, and Eurex met the deadline for index and single name trades. NYSE Liffe later suspended its service due to lack of interest (DW Online, 8/13). McCreevy’s role at the European Commission has since been extended until 2010 after the member states’ of the E.U. failed to agree on the Lisbon Treaty, which impacts the appointment of commissioners to certain departments.]