Euro clearing is a key subject in a tug-of-war as the U.K. seeks to extricate itself from the EU, following its vote to leave the bloc last year. LSE argued that tearing euro swap clearing from its region would cleave the marketplace, to the detriment of its participants.
“The net effect would be the creation of an international offshore euro swaps liquidity pool for non-EU entities, and a parallel, less liquid, smaller onshore euro swap market, which would damage only European issuers, savers, investors, pension funds and intermediaries,” LSE said in an emailed statement Tuesday.
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