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UK to pay price for EU rejection on derivatives trading

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Well that didn't take long. As I mentioned last weekend, Cameron's move was likely to have consequences and now, the UK would be outside of the decision making process. Brilliant move by Cameron. There was nothing inherently wrong with having a difference of opinion but to storm out and make it an all-or-nothing situation when it didn't have to be was not necessary. If Cameron thought he was protecting his precious bankers, he was wrong. Bloomberg:

The U.K. has sued the European Central Bank over its plans to prevent trades in some euro-denominated securities from being cleared outside of the 17 countries that share the currency. It was the first such move by a government. Britain also sought to thwart the ECB stance by seeking safeguards in the draft derivatives legislation. Lawmakers in the European Parliament “demanded” that the October compromise be reconsidered, according to an EU document dated Dec. 14 and obtained by Bloomberg News. The Parliament and national governments must agree on the law before it can enter into force. Michel Barnier, the EU’s financial-services chief, has said that the U.K. demands at the summit would have granted the country an unacceptable opt-out from European rules. Losing protection for its derivatives industry would be “a very early indication of the potential damage done to the U.K.’s interests on a broad front of financial regulation driven from Brussels,” Reid said.
Cameron better sit down because there's a lot more of this coming whether he likes it or not. How's that hard line position looking now, old boy?

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