EC official hints at partial relocation of euro swaps
Commission yet to work out details such as which products and what share of stock may have to move
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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