ECB Says Brexit To Increase Costs, Fragment Clearing Market

Law360, London (May 19, 2017, 7:28 PM BST) -- Eurozone attempts to wrest the clearing of euro-denominated derivatives from London may increase costs and fragment the market, a top European Central Bank executive said late Thursday.

The row over the location of the trillion-dollar-a-day industry after the U.K. exits the European Union is intensifying as the bloc’s executive arm, the European Commission, prepares guidance next month on how to regulate the massive sector in third-country hubs.

Brexit has called into question the ability of authorities to ensure they can control the impact of offshore clearing...
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