Regulators and clearing providers on both sides of the Atlantic should work together to build a central clearing mechanism for over-the-counter (OTC) credit derivatives markets, a leading US congressman said on Tuesday.

Collin Peterson, the Democratic chairman of the House of Representatives’ agriculture committee, also indicated the frustration felt in Congress over Wall Street’s role in the financial crisis, saying he “wouldn’t trust [Wall Street financiers] as far as I could throw them”.