The European Central Bank needs to have appropriate oversight of both domestic a...
FRANKFURT/LONDON - The European Central Bank needs to have appropriate oversight of both domestic and foreign clearing houses if it is to lend them cash when they need it, ECB board member Benoit Coeure said on Wednesday.
“A responsible central bank cannot extend liquidity to any entity without having a minimum level of information and control over it,” said Coeure, who oversees the bank’s market operations and international relations. During a major market crisis, the ECB could have a say in how much cash or margin a foreign clearing house would require customers to set aside against euro denominated trades.
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