Exclusive: EU to delay euro clearing decision on Brexit divorce threat - source

LONDON - The European Union is set to delay a decision on allowing clearing houses in London to continue clearing euro transactions for EU-based clients due to Britain’s plan to breach part of the Brexit divorce settlement, a derivatives industry source said.

Brussels had said it would grant Britain"time-limited" access to euro derivatives clearing from January to avoid huge disruption to markets as a unit of the London Stock Exchange The European Commission was due to formally take that decision on Wednesday, but is now expected to delay it until around the end of the month, the source said, citing an industry meeting late last week with a European Commission official.

The delay was linked to Britain’s perceived unpicking of the Withdrawal Agreement it signed with the bloc, the source added. Euro clearing has long been a battleground between Britain, to keen to preserve London’s clout as a global finance hub, and EU policymakers, who believe the bulk of activity should reside in the euro zone under the eye of the European Central Bank.

Brit Exit From E.U…Hip Hip Horray! Britain Will Be Breathing. Cleaner Air As Soon As It Leaves The E.U.

Haha!!! Key quote: ‘But moving large swaps positions from LCH to rivals such as Deutsche Boerse's Eurex in Frankfurt in a short time would be costly for banks and unnerve markets.’ Guess what the outcome will be and what the Commission will be told to do :)

this is going to get nasty i know who my money is on

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Exclusive: EU to delay euro clearing decision on Brexit divorce threat: sourceThe European Union is set to delay a decision on allowing clearing houses in London to continue clearing euro transactions for EU-based clients due to Britain's plan to breach part of the Brexit divorce settlement, a derivatives industry source said. Waan bogadinaynaa Second thoughts before pulling the trigger on the gun they are pointing at their own head. Brussels had said it would grant Britain 'time-limited' access to euro derivatives clearing from January to avoid huge disruption to markets as a unit of the London Stock Exchange (LSE) (LSE.L) clears over 90% euro-denominated swaps that are widely used by companies.
Source: Reuters - 🏆 2. / 97 Read more »

Exclusive: EU to delay euro clearing decision on Brexit divorce threat: sourceThe European Union is set to delay a decision on allowing clearing houses in London to continue clearing euro transactions for EU-based clients due to Britain's plan to breach part of the Brexit divorce settlement, a derivatives industry source said. The brits made their decision, now let them suffer the consequences. EU, pull them plug. I feel sorry for the scots and others who were betrayed. Anyone wondering why a €70 Trillion systemic question remains unanswered more than 4 years after the Brexit Referendum ? It sounds like blackmail to me. BorisJohnson don't let them get to you.
Source: Reuters - 🏆 2. / 97 Read more »