The EU could strip the City of a multi-billion pound business even before Brexit
|12/16/2016||Posted by BusinessMediaguide.Com under General World News||
LONDON — The European Union could once again try and strip the City of London of its euro clearing business, according to a Financial Times report.
The FT reports that European Commission is considering a change that would allow the European Central Bank control over where euro-based clearing occurs, allowing it to force the activities to occur in a country that uses the euro. The change, not yet fully decided on, would likely happen next Spring.
Clearing houses in London manage credit risk, acting as a middle-man in swaps and derivatives trades to guarantee the contract in the event that one read more >>>