Exclusive: Top banks asked to justify why they still clear euro swaps in London By Reuters
LONDON (Reuters) – Europe’s top banks must justify why they should not have to shift clearing of euro-denominated derivatives worth billions of euros from London to the European Union after Brexit, an EU document seen by Reuters on Tuesday showed.
Clearers in Britain have EU permission to continue clearing for EU customers until mid-2022 to give banks time to shift their euro positions to the continent, but switching has been slow.
“The current level of exposure to UK central counterparties (CCPs) raises a number of issues for the EU that should be addressed by a reduction in the EU’s exposure to UK CCPs,” the European Commission said in a questionnaire sent to banks.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Most Related Links :
Business News Governmental News Finance News
Need Your Help Today. Your $1 can change life.
Registered before? Log in to use your saved details.
If you registered an account, please enter your details below to login. If this is your first time, proceed to the donation form.
