Exclusive: EU to delay euro clearing decision on Brexit divorce threat: source
LONDON - The European Union is set to delay a decision on allowing clearing houses in London to continue clearing euro transactions for EU-based clients due to Britain’s plan to breach part of the Brexit divorce settlement, a derivatives industry source said.
Brussels had said it would grant Britain"time-limited" access to euro derivatives clearing from January to avoid huge disruption to markets as a unit of the London Stock Exchange The European Commission was due to formally take that decision on Wednesday, but is now expected to delay it until around the end of the month, the source said, citing an industry meeting late last week with a European Commission official.
The delay was linked to Britain’s perceived unpicking of the Withdrawal Agreement it signed with the bloc, the source added. Euro clearing has long been a battleground between Britain, to keen to preserve London’s clout as a global finance hub, and EU policymakers, who believe the bulk of activity should reside in the euro zone under the eye of the European Central Bank.
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