Leaked EU doc could shield legacy swaps from clearing grab

Council paper being debated today sets terms under which EU could lay claim to swaps cleared in UK

EC would be told to "limit the potential costs to clearing members and their clients"

Existing derivatives trades and some clearing services could be protected from any grab for the clearing of euro-denominated trades, under proposals being considered by policymakers in Brussels today (October 13), according to a leaked paper by the Council of the European Union obtained by Risk.net.

The paper sets out conditions that would need to be met before the European Commission could rule that an offshore market has to be cleared within the eurozone. It tells the EC to consider the

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