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"We cannot reasonably expect that these global financial market infrastructures take into account, in their operations and risk management, the financial stability of the euro area, on top of the financial stability of their own jurisdiction," Bank of France Governor Francois Villeroy de Galhau said.
"Since, regrettably, London will soon be outside the EU, the current setup is no longer adequate," he added.
Villeroy, a European Central Bank governing board member, said the European Commission's proposals were "valuable" but should be "strengthened", with more precise definitions.
"Euro-denominated clearing activities should be located in the European Union when they exceed certain thresholds," he said.