UK and ECB set to clash in court over clearing houses
John Springford, a senior research fellow at the Centre for European Reform, said he disagreed with accusations by some UK commentators that the euro area’s policy on clearing houses amounted to regulatory protectionism aimed at winning business from London.
“Clearing houses are increasingly important bearers of risk,” Mr Springford said. “The ECB is saying that if we are going to provide liquidity to these clearing houses we want to supervise them.”