EU quizzes trade on relocating euro clearing from London By Reuters

© Reuters. FILE PHOTO: British and European Union flags are seen forward of a gathering of European Fee President Ursula von der Leyen and British Prime Minister Boris Johnson, in Brussels, Belgium December 9, 2020. Olivier Hoslet/Pool by way of REUTERS/File Photograph LONDON (Reuters) – The European Union is asking monetary market individuals about what



© Reuters. FILE PHOTO: British and European Union flags are seen forward of a gathering of European Fee President Ursula von der Leyen and British Prime Minister Boris Johnson, in Brussels, Belgium December 9, 2020. Olivier Hoslet/Pool by way of REUTERS/File Photograph

LONDON (Reuters) – The European Union is asking monetary market individuals about what legislative and regulatory steps would assist them switch clearing in euro derivatives from London to the bloc, an EU doc confirmed on Monday.

The bloc’s govt European Fee is holding workshops with trade about shifting trillions of euros in swaps contracts from the London Inventory Change to Deutsche Boerse (DE:) in Frankfurt attributable to Brexit largely severing Britain’s entry to the EU monetary market.

“How lengthy could be wanted to switch positions or flows recognized as clearable contained in the Union? How might the time wanted be doubtlessly diminished?” the doc seen by Reuters stated.

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