Europe’s dealers and clearing houses are at loggerheads over a critical European project to mobilise funding and collateral flows. The European Association of Clearing Houses, or Each, has been accused of reneging on its commitment to the project, in what one dealer described as a “disaster for Europe”.

Dealers have long been pushing for Europe's infrastructure providers to make it easier to access the markets in tri-party repurchase agreements, a form of short-term funding that is facilitated by international settlement houses and fixed-income clearers.