To ask the Chancellor of the Exchequer what directions he has given to the Financial Services Authority to improve and make more transparent securitisation and credit default swaps markets. (227923)

The FSA and HM Treasury are engaged with the UK trade associations involved in developing the market-led "Ten Industry Initiatives to Increase Transparency in the Securitisation Market". These 10 initiatives are in response to the European Council of Finance Ministers (ECOFIN) October 2007 Roadmap, and have been submitted to the European Commission.