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.
At the second Summit in Bamako, Mali in December, 2000, the Authorities formally launched and established the Second Monetary Zone as the West African Monetary Zone (WAMZ) and approved a set of convergence criteria to be attained by member states before the commencement of the monetary union.