EC rebuffs euro clearing relocation policy in Emir review

UK pushes back against French demands to shift CCP business post-Brexit

Paris or London
EC thwarted French attempts to include issue of euro clearing location

Three clearing industry sources, including one close to the Bank of England (BoE), say the European Commission has thwarted attempts by France to use the European Market Infrastructure Regulation (Emir) review to relocate euro-denominated derivatives trades from London to Paris.

A source at the top of a major trade association says: “We have been told in a meeting on February 23 by a Member of the European Parliament that the Commission is not minded to include it within the Emir review, where

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