Greek swap use may influence EU derivatives legislation

BRUSSELS – The EU department responsible for drafting upcoming over-the-counter derivatives legislation, said it continues to monitor market practices in the wake of the Greek swap controversy, and that it stands ready to complement previously outlined proposals should the need arise.

EU internal markets and services commissioner Michel Barnier has committed to publishing OTC derivatives legislation by mid-year. A spokesperson for the commissioner, when asked what Greece’s use of currency swaps