Brussels, 03/11/2010 (Agence Europe) - The European Commission will shortly be opening a consultation exercise on the role of credit rating agencies in order to examine the details of the impact of ratings on certain markets, like the sovereign debt market, explained EU Internal Market Commissioner Michel Barnier in his recent visit to the United States (see EUROPE 10248). Issues to be examined include the trading model whereby rating agencies are paid by the very bodies they rate (the “issuer pays model”); extreme concentration on the international ratings agency market, dominated by the “Big Three”; and the option of setting up an EU rating agency for sovereign debt. The consultation will be followed by draft legislation early next year. German Liberal MEP Wolf Klinz is to draft an own initiative report on rating agencies. (M.B./transl.fl)