Clearinghouses and other trade-support systems that deal in euro-denominated derivatives should be housed in the eurozone, says Bank of France Governor Christian Noyer, who also sits on the European Central Bank Governing Council. The ECB should have "oversight authority over the [clearinghouse] infrastructure, with direct and permanent powers so that it can compel it to take the necessary measures to guarantee its security and its efficiency," Noyer said. The plan, which could force clearinghouses to move away from London, is being disputed by the U.K. in EU court.

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