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Expert Analysis

The Post-Brexit Future Of Euro Clearing In London

Law360, New York (February 13, 2017, 1:09 PM EST) -- Of all of the threats from Brexit on London's status as Europe's financial capital, few have garnered as much attention as the potential loss of its euro-denominated clearing business. The Financial Times reported that a private paper by Ernst & Young for the London Stock Exchange in November estimated that as many as 83,000 jobs could be lost in London over the next seven years if euro-denominated clearing were shifted to continental Europe with "a significant domino effect on jobs and revenue" potentially hitting up to 232,000 jobs throughout the U.K. But what is clearing and why does Britain's withdrawal from the European Union threaten such a significant source of jobs and revenue?...

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