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Credit Default Swaps

House of Lords written question – answered on 14th December 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether they or the Financial Services Authority will review the governance of the Europe Credit Derivatives Determinations Committee of the International Swaps and Derivatives Association to assess its contribution to financial stability and efficacy and the reliance that regulators can place on credit default swaps.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The procedures to be followed by the International Swaps and Derivatives Association Determinations Committee in determining whether a credit event has occurred are industry standards, established by the members of the credit derivatives industry upon their own initiative. There are no plans to review this.

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