The head of the International Swaps and Derivatives Association, a trade body for derivatives dealers, has called for global co-ordination to devise new rules for the credit derivative markets, after criticising the current regulatory system. His comments have followed moves by the US and the European Union towards finding their own separate, independent solutions.

Robert Pickel, chief executive of Isda, said current regulatory infrastructure does not reflect modern markets, arguing “we need to think about regulation broadly and we can't just do a little tinkering here and there".