EC looks to force market’s hand in euro clearing battle
Industry exasperated as commission proposes new mandates and capital penalties for banks clearing in London
After five years of trying to relocate euro derivatives clearing from London to the European Union, the European Commission has signalled a change of strategy. So far, so predictable: but what has surprised market participants more is that the EC remains unclear on what this new strategy should be – and it’d like their help deciding.
On February 8, the EC released a consultation detailing a number of potential proposals on how to move the majority of clearing in euro-denominated derivatives
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