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3 months ago
EU mulls relocation of UK clearing after Brexit, but no decision yet
May 4, 2017 / 11:31 AM / 3 months ago

EU mulls relocation of UK clearing after Brexit, but no decision yet

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European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis holds a news conference at the European Commission in Brussels, Belgium May 4, 2017.Eric Vidal

BRUSSELS (Reuters) - The European Commission is considering as a possible option the relocation of a big chunk of derivative clearing from London to the European Union after Britain leaves the bloc, but no decision has been taken yet, a top official said on Thursday.

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"At this stage we are not jumping to conclusions," Valdis Dombrovskis told a news conference.

"What we are saying is we are doing an impact assessment to assess those different options, including enhanced powers of EU supervisory authorities outside the EU and including location policy," he continued, noting that maintaining the current equivalence regime for foreign-based clearing was also an option.

Reporting by Francesco Guarascio @fraguarascio and Philip Blenkinsop

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