The chief executive of HSBC has warned that repatriating the clearing of euro-denominated derivatives to the European Union could benefit cities in US and Asia more than those in the bloc.

European authorities made clear in June that they want to change the way they regulate the clearing of trades denominated in euros – most of which is done in London - as a result of Brexit.  The EU's executive arm, the European Commission, wants to be able to force clearing houses of "key systemic importance" to move into the bloc if they want to continue providing services to member states.