McCreevy defends hedge funds

Independant- European Union Financial Services Commissioner Charlie McCreevy has defended hedge funds in relation to the fallout from the US subprime mortgage market collapse.

The move comes in tandem with a report commissioned by French President Nicolas Sarkozy which states that France should join a German initiative asking the European Union’s executive arm to propose measures boosting hedge fund transparency.

Berlin has been pushing for the creation of a code of conduct for hedge funds within the group of Eight club of industrialised nations, even though regulators show little appetite for imposing tougher rules on the industry. Mr McCreevy is considered a general critic of regulation in financial markets.

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