Friday, May 12, 2017

Top US Regulator Threatens Europe with a Massive Financial Trade War Despite the Large "Body of Water" Between Us

The Empire is flexing its muscles on a subject that really shouldn't concern it in any way--other than by way of the desire for global hegemony.

The United States has just warned European Union officials that forcing a lucrative London clearing business to Europe post-Brexit could result in an international financial trade war.

Christopher Giancarlo, acting chairman of the US Commodity Futures Trading Commission, said this week that Brussels' plan to control euro-clearing post-Brexit would "undoubtedly inform the evolution of US regulatory policy."

Giancarlo warned that the EU should proceed with "care."

"To date, the US has not deemed a body of water - even as large as the Atlantic Ocean - as an impediment to effective CCP [clearing house/central counterparty]supervision and examination," Giancarlo said.

A clearing house or central counterparty stands between two sides of a trade, ensuring its completion even if one side goes bust.

The EU revealed earlier this month that it is looking at whether euro-denominated clearing, an activity dominated by London, should be moved to the single currency area after Britain leaves the bloc in 2019.


(via The Daily Mail)

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