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Graham Bishop addressed the Kangaroo Group Financial Services Working Group lunch in the European Parliament on 8th February. He spoke about “Clearing of euro derivatives after Brexit: a fatal blow to the City of London?” He explained this intensely technical subject in layman’s terms and concluded that it is likely to be a very serious problem. His main arguments are set out in his recent paper.
Mrs Danuta Hubner – Chair of the Committee on Constitutional Affairs and Member of ECON responded. She noted that the European Parliament will receive all the information that goes to the other EU institutions and that financial services regulations will surely be the most complex issue. The EP will start serious work on the EMIR Review in March, followed shortly afterwards by the CCP Resolution proposal.
