During the financial crisis, the much-lauded London G20 meeting in 2009 - chaired by then UK prime minister Gordon Brown - committed to strengthening national and global financial supervision and created the Financial Stability Board. Put colloquially, everything had to be regulated. The next five years saw a surge of regulation that kept me occupied, as chair of the European Parliament's Economic and Monetary Affairs Committee, not least actively chairing all the so-called 'trialogue' negotiations between the European Parliament, the European Council and the European Commission. Clearing rapidly became a subject of attention and dispute between the UK and the EU, and the eurozone in particular. The 2011 'location policy' of the European Central Bank (ECB) required clearing houses with daily exposures of more than €5bn in one of the main euro-denominated categories of derivative to be located in the eurozone.
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