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Brussels insists on power to control euro clearing after Brexit 

June 12, 2017

Jim Brunsden & Phillip Stafford

"Brussels has decided it must have the power to force parts of London’s lucrative euro clearing business to relocate to the EU after Brexit if needed to preserve financial stability.

The European Commission will say on Tuesday that it wants a new system to vet whether, and under what conditions, non-EU clearing houses should be allowed to handle large volumes of euro-denominated business.

The plans are a direct response to concerns in Paris and some other capitals about London maintaining a post-Brexit role as a pillar of EU securities and derivatives markets, when it will no longer be covered by the bloc’s rules."

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