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EU to tighten grip on euro clearing after Brexit


By Huw Jones and Francesco GuarascioLONDON/BRUSSELS (Reuters) - The European Union plans to give itself powers to move euro clearing business away from London's financial sector to the EU after Brexit and adopt a model closer to that operated by the United States, the bloc's executive said on Tuesday.The financial industry has warned that forced "relocation" would split markets, bump up trading costs and diminish the status of the euro -- as well as threaten thousands of jobs in the City of London.The draft EU law would, as a last resort, force euro-denominated clearing business to shift from ...

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First Published: Tue, June 13 2017. 22:57 IST