EU takes action on 'too-big-to-fail' risks in financial clearing
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BRUSSELS (Reuters) - European Union governments on Wednesday agreed new rules for handling failures of clearing houses raising the financial burden on them in a rescue, in a move aimed at preventing contagion risk in the global financial system. The rules could set a global standard for regulators, which put clearing houses at the centre of trading in over-the-counter derivatives and interest rate swaps after the 2008 financial crisis but did not agree on how to wind them down safely.The..