EC official hints at partial relocation of euro swaps

Big Ben in Euro flag — Leaky CCP: some legacy trades could stay in London

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The European Commission has suggested only part, not all, of the euro-denominated swaps business could be forced to move to a European Union clearing house if a London-based venue is deemed of substantial systemic importance to the bloc.

In June, the EC proposed a mechanism through which EU entities could be barred from using a third-country clearing house – as LCH will become after Brexit – arguing a particularly systemically important central counterparty could be properly supervised only if

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