European bankers will on Friday morning begin a fresh effort to establish a European clearing system for the huge credit default swap market on a co-operative basis, under the auspices of the European Central Bank.

European banks which have an interest in the $30,000bn global CDS market have asked to participate in a meeting at the ECB’s offices in Frankfurt. The aim of the discussions is to establish “the main features and the specific user requirements for a European central counterparty dealing with euro-denominated contracts”.