Michel Barnier, internal-market commissioner for the EU, said a proposal for a regime to govern derivatives will be released this summer. "This summer, we will make proposals to reduce counterparty risk -- the issue that caused the failure of Lehman Bros.," Barnier said. "We will require compulsory clearing by central clearing counterparties for eligible, standardized contracts." The European Commission will also propose using trade repositories to improve transparency, he said.

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