ECB policy would shatter big CCPs, critics warn


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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