• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

EU ruling on euro clearing to take months, financial chief says

September 2, 2021 by David Barret Leave a Comment

September 2, 2021

By Huw Jones

LONDON (Reuters) – The European Union will take months to decide if banks can continue clearing derivatives in London, the EU’s financial services chief said on Thursday in a sign of how Brussels is keeping up pressure to shift business to Frankfurt.

A European Commission working group looked at how trillions of euros in interest rate swaps could be shifted from London to give EU regulators a direct say over the activity.

“We will in the coming, let me say months rather than weeks, have to look again at the time horizon here, but we have made no decision,” EU financial services commissioner Mairead McGuinness told a Bruegel think tank event.

Industry officials who took part in the meetings say the EU executive appeared surprised by broad opposition to mandatory migration, saying it was up to customers, though some sort of face-saving solution would be needed.

Since Britain fully left the EU last December, clearing houses there have temporary EU permission to keep serving EU clients until June 2022.

LCH, the euro swaps clearer owned by London Stock Exchange, would need to serve three-months’ notice to EU customers if a decision on access is not taken by March.

The EU wants to build up more “autonomy” in its capital market to end a reliance on the City of London, still Europe’s biggest financial centre.

The EU’s securities watchdog ESMA is expected to reach conclusions by year end on whether LCH or other UK clearers are so “systemic” that EU business should be shifted to the bloc.

“It’s often suggested that everything is fine, why would you do anything?” McGuinness said.

“Everything is fine today, but when things go wrong could we guarantee that Europe would be on the same level as the UK if there is a problem, and where do we look after our interests in making sure that we are not overly reliant on any infrastructure for our stability?”

(Reporting by Huw Jones; Editing by Angus MacSwan)

Source Link EU ruling on euro clearing to take months, financial chief says

David Barret
David Barret

Related posts:

  1. Cricket-England opt to field against India, Woakes and Pope back
  2. EVGA’s broken RTX 3090 graphics cards were victims of ‘poor workmanship’
  3. China expected to keep curbs on int’l flights throughout H1 2022 – Air China to analysts
  4. Japan to investigate Amazon cloud disruptions to brokers, airline

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • If They Take Fluoride Out Of The Water, What Could Happen To Americans’ Teeth?
  • Paraglider Accidentally Flies Into The “Death Zone” 8,500 Meters Up – And Survives
  • World’s Oldest Fingerprint, Bioacoustics Could Give Us “A Peek Into The Language Of Wolves”, And Much More This Week
  • Please Stop Jamming Coins Into The Rocky Cracks Of Legendary Giant’s Causeway
  • We’re A Step Closer To Knowing Who Made The Earliest Known Stone Tools
  • These Little Birds Are All But Extinct – But There Is Still Time To Save Them
  • The Three Types Of Female Orgasm
  • Elon Musk Has Announced His Bombastic Plan To Get Humans To Mars
  • China Unveils World’s Largest Offshore Wind Turbine With Hub Height Of 185 Meters
  • Oldest Fingerprint, AI Decoding Wolf Language, And Injecting Life On Other Worlds?
  • “There Are Glimmers Of Hope”: Search For One Of The World’s Most Endangered Pigeons Just Scored A Big Win
  • Earth Has A 1-In-100,000 Chance Of Being Ejected From The Solar System Due To A Passing Star
  • “Necrobotics” Turns Dead Spider Corpses Into Biohybrid Robots
  • Why Even Traveling Close To The Speed Of Light Is So Hard
  • Peer Into The Universe’s Distant Past Thanks To JWST’s Longest-Exposure Photo Yet
  • First Evidence For Chubby Cheeks In Dinosaurs Challenges Our Understanding Of How They Chewed
  • The 2021 “Heat Dome” Killed Her Mother. Now, She’s Suing The Oil Companies Responsible
  • Two Of The Most Destructive Termites Got It On, Sparking Hybrid Threat In Florida
  • The Mad Gasser of Mattoon: A Story Of Anxiety And Hysteria In America’s Heartland
  • Tourists Swimming With Orcas In Mexico As Tour Guides Exploit Legal Loopholes
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version