Euro swaps relocation stalls as equivalence deadline nears
Nine months before equivalence deadline, over 70% of EU euro swap trades still clear in the UK
The European Union’s effort to force a relocation of euro swaps clearing away from the UK appears to be faltering.
Just nine months before a temporary equivalence deal for UK clearing houses is due to expire, more than 70% of new single-currency euro swaps traded on EU venues are still being cleared in the UK, according to data from Osttra, a post-trade service company jointly owned by CME Group and IHS Markit.
Kirston Winters, chief risk officer of Osttra, presented the new data at the
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