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