LSE CEO says loss of London euro clearing may cost US$77b

London

STRIPPING euro clearing from London as a result of Britain's Brexit vote could cost banks US$77 billion in additional margin contributions, said London Stock Exchange Group Plc chief executive officer Xavier Rolet.

While French and German leaders have argued that euro clearing cannot be allowed to remain in London once the UK leaves the European Union, compelling lenders to clear those trades elsewhere would impose a "prohibitive cost on European banks", Mr Rolet said at an event at the UK's House of Commons.