Bid To Move Clearing Risks Financial Stability, City Warns

By Mark Taylor (May 16, 2017, 6:56 PM BST) -- London must remain the top global hub for clearing euro-denominated derivatives after Brexit, as to uproot the trillion-dollar-a-day industry would throw global markets into chaos, the City's new financial sector policy chief said Tuesday.

In her first keynote speech since taking up office as policy chairwoman of the City of London Corporation, Catherine McGuinness said plotting by the European Union to remove the right to clear in Britain after it leaves the bloc risked global financial stability.

McGuinness, a former derivatives lawyer, told the Futures Industry Association conference in London such a move would also upset the U.S., particularly the Commodity...

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