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EU to tighten grip on euro clearing after Brexit - source

Reuters  |  LONDON 

By Huw JonesLONDON (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, a source close to the situation said.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 law due to be published later on Tuesday would, as a last resort, force euro-denominated clearing business to shift from ...

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First Published: Tue, June 13 2017. 16:55 IST