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EU prepares move on London’s euro-clearing market

Proposals would result in greater European oversight of London’s €850bn a day business

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The European Commission is reportedly preparing legislation to impose control on London’s euro-clearing market in a move that supports more “centralised supervision” of clearing houses that are of systemic importance to the European Union.

According to the Financial Times, a draft commission policy communication, which is expected to be published on Thursday, says Brexit will have a “significant impact” on oversight arrangements because the UK will play a substantial role in capital markets beyond the EU’s regime.

The FT says London processes up to three-quarters of global euro-denominated derivatives and clears approximately €850bn (£720bn) per day.

The commission’s proposals could force UK operators to either relocate or be subject to oversight from European authorities.

The FT says the legislative proposals could be issued as early as June.

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  1. This isn’t news at all. I (and many others) have been forecasting this since the day that the Referendum was announced.
    What’s even more exciting is the number of banks and Insurance companies in the UK that are owned by foreign companies and will be obliged to relocate.
    The UK’s much-vaunted service industry is all looking rather silly if you ask me

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