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EU mulls moving clearing houses out of London

European Commission wants oversight of euro-denominated clearing in London after Brexit - but it could go further

EU mulls moving clearing houses out of London
Photo: iStockPhoto

The European Union has sent a warning shot to London, home to vast swathes of euro-denominated derivatives clearing, by saying it will consider requiring clearing houses outside of the bloc to re-locate.

In a draft communication, the European Commission — the executive arm of the EU — told the European Parliament, Council and the European Central Bank that the UK's planned withdrawal from the EU will have a "significant impact" on the regulation and supervision of clearing in Europe.

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