Euro clearing location paper due on June 28

Short precursor on Brexit-related initiative expected on May 4, alongside Emir review

Brexit and the City
Contentious issue: euro clearing location could be used by the EU as a bargaining chip in Brexit talks

The European Commission (EC) looks set to decouple the question of supervising euro clearing from its ongoing review of the European Market Infrastructure Regulation (Emir), according to three senior financial industry sources at trade associations. A separate “euro clearing and surveillance paper” is instead expected in the last week of June. This suggests the EC is actively considering measures that could force the clearing of euro-denominated derivatives out of the UK after Brexit.

On May 4

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