French regulator lays out plan to capture London euro clearing

AMF calls for equivalence to be scrapped for biggest CCPs and trade repositories

AMF: position paper overhauls equivalence regime through which CCPs and repositories outside the EU are authorised for use by European banks and their clients

The French securities regulator, Autorité des Marchés Financiers (AMF), has published a position paper that would require the biggest clearers of euro-denominated products to be located in the European Union – the first detailed policy recommendations on the topic following months of political jousting, triggered by the UK’s vote to quit the EU. The regulator also casts the net wider, catching derivatives trade repositories for the first time.

As much as 75% of all euro interest rate

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