The EU’s long-running attempt to wrest the euro swap market away from London after Brexit may finally be over, after watered-down proposals from Brussels left control largely in the UK’s hands.

Equities and IPOs have received the most attention in the wake of the UK’s departure from the EU. However, former London Stock Exchange boss Xavier Rolet has described clearing as the “litmus test” of whether London can maintain its position as a global financial centre.