City of London lobbies Treasury to defend UK's influence in OTC derivatives

The local government authority responsible for London's financial district is rolling up its sleeves for a Brussels-based scrap about the future of the over-the-counter derivatives market. According to an advisory paper obtained by Risk, the City of London wants HM Treasury – which will represent the UK in the coming European Parliament debate about OTC market regulation – to defend London's dominance in derivatives, and also to restrict the scope of reform.

Key goals for the Treasury, the paper