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UK deals boycott blow

THE UK and Switzerland will remain outside the agreement of the European Central Bank settlement system for shares.

The ECB said that the two countries' boycott of the scheme would not force it to increase the costs for users.

However, the decision to keep sterling and Swiss franc trade out of the system is a big blow -- as London is home to Europe's biggest stockmarket.

The Target 2 Securities (T2S) platform is aimed at offering a one-stop shop for settling trades of securities -- such as shares -- from mid-2015.