Wednesday, June 17, 2009 will either go down as one of the most momentous days in the history of clearing and derivatives – or it could be a complete non-event. For it is this day that has been nominated by the European Commission for the publication of its most graphic report on the derivatives market.

The report, which was first revealed by Financial News in March, will set the agenda for the European Council and European Parliament and will help to shape any ensuing legislation. It will examine all aspects of the European derivatives market, covering trading and clearing in over-the-counter and listed derivatives products, as well as market infrastructure, intermediaries and central counterparties.