It's good to have friends in high places, and for a UK-based clearing house they do not come much higher than the UK prime minister, David Cameron, who caused a political earthquake on December 9 by refusing to sign up to a series of European Union (EU) treaty changes, following hours of talks with other EU leaders. Cameron had tabled six demands in return for UK support, one of which was exemption from the European Central Bank’s (ECB) so-called location policy, which states that central counterparties (CCPs) offering euro-denominated clearing must be based within the eurozone – a policy that could tear apart multi-currency clearing houses, such as LCH.Clearnet’s SwapClear service, if adopted broadly.
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