ECB policy would shatter big CCPs, critics warn

Plans to have CCPs based in the jurisdiction of the currency they clear would pull apart multi-currency services, experts warn, after UK Treasury challenges ECB


Clearing houses that offer services in multiple currencies could find their operations fractured across those jurisdictions if other central banks decide to copy a policy outlined by the European Central Bank (ECB) in July this year – a big threat to LCH.Clearnet's SwapClear service, which offers over-the-counter derivatives clearing in 17 currencies. The ECB proposal is the subject of a legal challenge by the UK Treasury, announced last week.

"If the ECB policy proposal became law, it would set

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