EC shelves report on relocation of euro clearing

Consultation revealed a deep reluctance among banks to shift clearing to EU CCPs

EC-headquarters

The European Commission (EC) will not be releasing a highly anticipated report by a working group it convened to look at ways to shift euro swaps clearing away from London.

The decision to pull the report follows a testy consultation process, during which banks detailed various technical barriers to clearing large swathes of euro products in the European Union. They also argued that a forced relocation would harm liquidity and threaten financial stability.

“Earlier in the year, when they

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