Brexit: Euro-clearing in the Eurozone?

Brexit has intensified concerns regarding London’s position as the hub for the clearing of euro-denominated derivatives and swaps. These concerns have prompted both the European Commission and the European Central Bank (“ECB”) to propose amendments to existing legislation.  Specifically, the European Commission is proposing to amend the regulatory and supervisory framework for central counterparties (CCPs). For its part, the ECB is seeking powers to regulate CCPs.

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