ECB and Esma would call shots on euro clearing

Proposals give central bank and regulator the power to bar biggest third-country CCPs

Clouds gathering: the ECB looks set to take charge of supervising London's LCH

The European Commission (EC) today put a sharp edge on months of blunt political posturing, issuing proposals through which the European Union could lay claim to clearing the vast euro-denominated derivatives market.

Currently, the bulk of that market is cleared at LCH in London, which will become a third-country venue after the UK leaves the EU.

The proposals – which would amend the EU’s existing framework for the supervision of central counterparties (CCPs) – envisage European authorities

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