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EU Readies Plan for Clearing Crisis, the New Too-Big-to-Fail

The European Union plans to give authorities sweeping powers to tackle ailing derivatives clearinghouses to prevent their failure from wreaking havoc throughout the financial system.Draft EU legislation seen by Bloomberg sets out rules on saving or shuttering clearinghouses that would apply to firms such as London-based LCH....At present, euro-area clearinghouses are supervised by national authorities, not the European Central Bank, which oversees the currency bloc's banks.
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