Rarely has an activity as technical as clearing been the
subject of so much passionate debate and discussion. And with
Brexit negotiations going nowhere fast, we could be hearing
about it for a while longer.
On the one hand are those who believe that avoiding
fragmentation is essential – in theory, nothing
prevents an EU clearing house from choosing to clear in London.
It's ultimately a question of bulk and critical mass, according
to one market participant. London clears tens of different
currencies, including the euro,...