MEP fires warning shot at City over euro clearing

By Costas Mourselas, Jean Comte
06 Apr 2017

A German MEP reignited the explosive topic of London-based euro clearing on Tuesday, proclaiming that “EU citizens decide on their own money.” A move to force euro clearing to take place inside the eurozone could raise the cost of derivatives collateral and damage risk management, lawyers warned, as well as denting the City's position as a financial centre. Costas Mourselas and Jean Comte reports.

The statement came from a close ally of German chancellor Angela Merkel and European Commission president Jean-Claude Juncker, Manfred Weber. He sparked widespread speculation among market participants about London’s future as a major financial centre.

There are estimates that losing euro clearing could result in 83,000 job losses ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.