Banks have called on Brussels to grant a further extension to avoid disruption in the multitrillion-euro derivatives market
Commuters make their way over London Bridge towards the City of London on Thursday, September 30 2021. Picture: BLOOMBERG/CHRIS J RATCLIFFE
Temporary market access for UK clearing houses, known as equivalence, was due to expire in June 2022, with banks calling on Brussels to grant a further extension to avoid disruption in the multitrillion-euro derivatives market. The London Stock Exchange’s LCH unit clears the bulk of euro-denominated swaps and the European Commission set up a working group earlier this year to look at how a large chunk of this activity could be moved to Deutsche Börse in Frankfurt for direct EU supervision.
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