§ Mr. Cousins
To ask the Chancellor of the Exchequer whether the review of the Financial Services and Markets Act 2000 covers the regulation of credit derivatives. 
§ Ruth Kelly
The regulatory treatment of credit derivatives does not specifically fall under the remit of the two-year review of the Financial Services and Markets Act 2000. However, the FSA is participating in a review of trading book activity by the Basel Committee and the International Organisation of Securities Commission (IOSCO), including the prudential treatment of credit derivatives.