Europe’s plan to revamp its oversight of third-country clearing houses risks a backlash from the US, an influential UK member of the European Parliament (MEP) has warned.
Proposals issued by the European Commission (EC) in June 2017 would subject some clearing venues to additional oversight. The policy is seen as a response to the UK’s decision to leave the European Union – which would cut off European authorities from the market’s main clearer of euro-denominated swaps, London-based LCH – but
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