I mentioned the OTC derivatives market; this is a prime example of a systemically important market that requires more transparency and a better infrastructure. The  BIS Review 22/2009  3  ECB’s Governing Council has already called for a strengthening of the infrastructure for this market in view of its systemic importance.
We also support the position of ECOFIN, which in December 2008 endorsed the idea of introducing a European CCP for OTC credit default swap markets. And we see considerable merit in having this infrastructure located within the euro area. III.