Minimum threshold for OTC business the solution to equivalency issue

Pain threshold


The classic UK comedy Blackadder Goes Fourth set during WW1 had a sketch where a German spy was unmasked after she mistakenly referred to the great British universities of Oxford, Cambridge and...Hull. It's a punchline that will be familiar to those aware of the decision to base the European Securities and Markets Authority (Esma) in the global financial hub of Paris.

But what should be a problem just for a handful of EU civil servants, and the London financiers they seek to regulate, has

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