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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