Industry falls short on euro clearing lobbying

Author: Tom Young | Published: 5 Jan 2017

The financial services industry has been criticised for having a 'staggering lack of imagination’ in persuading the remaining 27 EU member states of the threat to market stability posed by the removal of euro clearing privileges from London.

The rights of UK institutions to clear euro-denominated securities had been a bone of contention even before the UK electorate’s vote to leave the EU in June last year. The European Central Bank (ECB) launched an attempt to limit the clearing of euros outside of the eurozone, which was rejected by a European Court of Justice ruling in March 2015. Since the vote, press reports have indicated that the European Commission is considering backing legal changes to give the ECB a remit over the location of key market infrastructure.

Despite the severe impact the move could have, there has so far been a lack of data arguing its impact on financial...


 

 

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