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Bailey on equivalence

BOE

Bailey's opening comments have focused on equivalence. He makes the point that 25% of euro clearing would have to move to the EZ if equivalence wasn't renewed in 18 months. But that probably wouldn't give critical mass to EZ operations. So it comes down to a "location policy" which the BoE sees as controversial and having dubiously legality - he thinks that this is where the debate is heading and that equivalence in itself the main debate.

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