Foreign exchange swaps, both for liquidity management purposes and to sterilise foreign exchange purchases amounted to R43.7 billion as compared to R53.9 billion in March 2012.
In the Bundesbank’s view, there have to be clear rules and 2/5  BIS central bankers' speeches  safeguards here ensuring that continental European authorities have both sufficient rights to obtain information and robust powers of intervention in respect of UK CCPs – otherwise, it seems a relocation to the EU would be all but unavoidable.