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31 May 2018

Handelsblatt: Banks seek answers to remaining Brexit Question

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Handelsblatt discusses the Brexit question which remains unanswered for those in the financial sector: Will financial institutions be allowed to conduct derivative transactions in euros in London post-Brexit?

Since the Brexit decision, an intense political debate has arisen as to whether euro clearing can remain in London, where up to 100,000 British jobs are generated. There has not yet been a final decision on the subject. A European Parliamentary committee voted last week in favour of a draft law which instructs EU regulators to check on “systemic” foreign clearing houses that handle large amounts of euro-denominated assets like interest rate swaps. A Bundesbank board member expressed concerns this week over the proposed regulation, warning that the European rules may leave EU regulators short of the power they need to protect Europe’s financial sector post-Brexit.
Sourcing and translation by European Movement International


© Handelsblatt

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