May 2, 2017 / 10:46 AM / 3 years ago

May's spokesman says reports on London clearing regulation are speculation

Britain's Prime Minister Theresa May delivers a speech to Conservative Party members in Mawdesley village hall, Ormskirk, Britain May 1, 2017. REUTERS/Andrew Yates

LONDON (Reuters) - Media reports that the European Commission is rushing out proposals to regulate clearing houses in London are speculation, Prime Minister Theresa May’s spokesman said on Tuesday.

The European Commission is expected to publish proposals for the regulation of derivatives markets this week, but banking industry officials have said attempts to potentially curb clearing of euro-denominated contracts in Britain after Brexit have been put back to at least the end of June.

“This is speculation, it has come up before,” the spokesman told reporters after being asked about a report in the Financial Times that the European Commission was trying to regulate clearing houses in the city of London.

“London is a global financial capital and it’s in the interests not just of the UK but of the EU that it remains so.”

Reporting by Elizabeth Piper, Writing by Kylie MacLellan

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