ECB wading into active account dispute on clearing – industry

Industry lobbyists decry secretive (allegedly ECB) non-paper that recommends high minimum thresholds


Market participants assume the European Central Bank (ECB) is the author of a controversial unsigned ‘non-paper’ that was circulated at the Council of Europe recommending that European Union derivatives clearing members should transfer substantial amounts of their euro-denominated business into the EU.

The undated non-paper (the EU term for a policy paper that is not an official legislative text), which has been seen by, recommends mandating EU-regulated clearing members to conduct up

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