Conservatives take CCPs to heart after UK/EU split

David Cameron's demand for the UK to be exempt from an ECB policy on clearing houses helped prompt last month's split with the EU - and is earning applause from eurosceptic Conservatives

In one of the past month's more surprising developments, a European Central Bank (ECB) policy document on clearing houses has become a political cause célèbre in the UK, after David Cameron – UK prime minister and Conservative party leader – referred to it in a list of six demands at a European Union (EU) treaty summit on December 9. His demands were rejected, prompting the UK to veto the EU's new fiscal compact and leaving the country isolated.

The ECB's policy, first published in July, states