Skip to content
Subscriber Only

Europe Tests London’s Financial Hub Status by Targeting Clearing

  • ECB covets regulatory oversight of clearing euro trades
  • Osborne win cementing London as clearing hub ripe for attack
Updated on

It was a historic win for London’s finance industry: a court in Luxembourg ruled against the European Central Bank and for George Osborne, allowing euro-denominated trades to be cleared in the U.K.

Now, Great Britain’s choice to leave the European Union puts the Chancellor of the Exchequer’s 2015 win -- and the U.K.’s role providing services for the $493 trillion derivatives market -- in jeopardy, weakening a key pillar of the City of London.