London’s Euro Clearing May Not Be Up for Grabs, Hammond Says
- Any ECB attempt to move clearing would take time, Hammond said
- LSE CEO has said 100,000 jobs are at risk if clearing moves
U.K.'s Hammond: Seeking 'The Right Brexit for Britain'
This article is for subscribers only.
Clearing has become a pawn in the post-Brexit battle for London’s financial services industry, but U.K. Chancellor of the Exchequer Philip Hammond says it may not necessarily be up for grabs after all.
Most interest-rate swaps trading and clearing in the euro currency takes place in the U.K., a feature that for years has made the European Central Bank uneasy. Hammond’s predecessor, George Osborne, fought a legal battle to protect that business and won. The battle for London’s $570 billion of daily euro derivatives trading was reawakened after Britons voted in June to leave the European Union.