China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

Euromoney’s 2012 FX survey results

Euromoney’s 2012 FX survey results

Access the results now

October 2005

Europe needs a solution to the clearing conundrum


Competition in clearing and settlement doesn't work. The US shows that only a centralized clearing system can promote vigorous exchange competition.


Charles McCreevy, the EU's internal markets commissioner, has no inclination to add to the financial services industry's regulatory fatigue. Or so he said in a speech in Luxembourg in September. That said, he probably won't have any choice but to do so.

McCreevy speaks for most of the financial services sector when he laments the persistence of high cross-border trading costs in Europe. Like everyone else, he blames the fragmented clearing and...


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