Central Banking

BoE and ECB strike deal on CCP cooperation


The Bank of England (BoE) and European Central Bank (ECB) have struck a deal to cooperate more closely on financial stability measures relating to central counterparties (CCPs), following a landmark court victory by the UK against the ECB.

The case related to rules laid down, but not as yet implemented, by the ECB requiring CCPs dealing in euros to be based within the eurozone. The UK government challenged the so-called "location policy" in 2011.

In a judgement on March 4, the General Court of t

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