Next week, Jose Manuel Barroso, president of the European Commission, will offer his choice for the next commissioner for internal market and services, succeeding Charlie McCreevy, a source said. Michel Barnier, former French foreign minister, leads the list of potential commissioners. "The character of the new commissioner will certainly play a significant role, depending on political and national origins," said one industry association official. "It's clear that some EU member states have a much more reactionary approach to regulation of derivatives than others; the French and Italians are very staunchly in favour of as much transparency and exchange trading as possible, while the British, Germans and Nordics are more balanced."

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