ECB's plan to take euro clearing from London stalled by infighting
Frankfurt
DISCORD between the eurozone's three largest countries is stalling the European Central Bank's efforts to come up with a way to force euro clearing out of London and put it under its watch, according to three sources.
Currently UK clearing houses, particularly the London Stock Exchange's LCH.Clearnet, guarantee the vast majority of the trillions of euros worth of trades conducted every year and their location will likely be a point of contention in divorce talks between Britain and the European Union.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Axiata, Sinar Mas seek permission for Indonesia telco merger, minister says
New York Times beats profit estimates on bundle strength
US dollar gains ground; subdued yen prompts Japan warning
Prime US Reit distributable income for Q1 2024 down 19.5% to US$11.9 million
DBS hires chief of Ping An’s tech group to fix outage issues
Uber forecasts gross bookings for second quarter below expectations