A cutting-edge scientific or technological center can create a variety of spillovers that promote innovation, quality, skills acquisition, and productivity in industries located nearby; such spillovers are the reason that high-tech firms often locate in clusters or near leading universities.13 To the extent that countries gain from leadership in technologically vibrant industries or from local spillovers arising from inventive activity, the case for government support of R&D within a given country is stronger.14 How should governments provide support for research and development?
Overall, in terms of notional amounts, more than 90% of the euro-denominated derivatives business of euro area banks is cleared via UK CCPs. The importance of UK CCPs is not limited to derivatives, as they are involved in approximately 50% of the cleared euro-denominated repo business of euro area banks.