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Uk To Sue Ecb Over Clearing House Regulations

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8763605/UK-to-sue-ECB-over-clearing-house-regulations.html

In a policy paper published in July, the ECB outlined plans to ban clearing houses from dealing in euro-denominated financial products under certain conditions. The ban would apply if a clearing house's daily net credit exposure was above €5bn (£4.4bn) or 5pc of the market, unless it was based in a eurozone country.

With 40pc of the world's over-the-counter derivative trading based in London, several City-based clearing houses – including LCH.Clearnet – would fall foul of the rule.

The Government intends to fight the proposal on the grounds that it contravenes the fundamental principles of the single market and European law, including the freedom of establishment and the free movement of services and capital. It is the first time any European Union member state has taken legal action against the ECB.

Britain's unprecedented move demonstrates the deep concerns ministers have about Europe's attempted financial services land-grab. Bank of England policymakers are already pushing back against efforts in Brussels to seize control of banking regulation that would turn national supervision into little more than a local enforcement service.

Stresses are clearly mounting in the system.

I wonder how this will play out. It will certainly be interesting if the ECB needs recapitalising.

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8763605/UK-to-sue-ECB-over-clearing-house-regulations.html

Stresses are clearly mounting in the system.

I wonder how this will play out. It will certainly be interesting if the ECB needs recapitalising.

Torygraph getting queasy about the [financial-sector] colonials getting uppity?

Reads to me like a hopelessly-belated effort to avoid foreign funny-money speculators flooding their market with boom-bust. And if the UK wants to be inside, then it should join the Euro, not just use privateers (like RBS) to raid it from outside.

Though having said that, I think tax-based solutions - like Brazil's tax on foreign hot money - present a better solution. Not to mention that the horse has well and truly bolted from the € stable.

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But ... but ... I thought that whatever the Europeans said, goes?

I mean, every time the government wants to introduce a particularly unpopular piece of legislation we're fed the line that we have no choice because that was what was decided across the channel.

I guess things are different when it doesn't suit the UK banking industry.

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<br />But ... but ... I thought that whatever the Europeans said, goes?<br /><br />I mean, every time the government wants to introduce a particularly unpopular piece of legislation we're fed the line that we have no choice because that was what was decided across the channel.<br /><br />I guess things are different when it doesn't suit the UK banking industry.<br />
<br /><br /><br />

When you put it like that, these effing Bankers are really starting to get on my effing tits!!! :angry:

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But ... but ... I thought that whatever the Europeans said, goes?

I mean, every time the government wants to introduce a particularly unpopular piece of legislation we're fed the line that we have no choice because that was what was decided across the channel.

Same as when Local Councils use the old "Health & Safety" ploy to stop anything they don't like, it's the public servants get out to focus the blame elsewhere

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But ... but ... I thought that whatever the Europeans said, goes?

I mean, every time the government wants to introduce a particularly unpopular piece of legislation we're fed the line that we have no choice because that was what was decided across the channel.

I guess things are different when it doesn't suit the UK banking industry.

How very true. :unsure:

Looks like "powers that be", only stick to so called EU regulations when it suits them.

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  • 276 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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