RT by @john4brexit: EU scales back ambitions for post-Brexit clearing land grab

'rules agreed last week, following years of wrangling, are widely seen as Brussels backing down from earlier ambitions for a more substantial land grab, after being undermined by Franco-German tensions and a backlash from the finance industry. ...

London — Europe’s pre-eminent financial centre — has long dominated the [Clearing] business, with its large clearing house, London Stock Exchange Group’s LCH, able to enjoy economies of scale, which helps attract customers.

Even in euro-denominated derivatives, a market totalling €172tn last, year according to Clarus Financial Technology, LCH handles more than 90 per cent of trades. LCH estimates that about 30 per cent of its business in this market comes from the EU.'

https://www.ft.com/content/34e41dcf-1b80-4084-b026-9eb4e6eb2ebe via @ft

🐦🔗: https://nitter.cz/CeeMacBee/status/1757697213168230725#m

[2024-02-14 09:24 UTC]