Financial Services

(asked on 8th May 2018) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment she has made of the effect of leaving the EU on Euro clearing.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 16th May 2018

The UK’s Central Counterparties (CCPs) play a crucial role in supporting economic growth in the UK, EU, and across the world. Any EU decision that would prevent EU firms from accessing UK CCPs would fragment global markets and reduce economic efficiencies for clearing members, disproportionally affecting EU firms.

As previously stated by the Chancellor during Treasury Oral questions on 25 October 2016, the jobs attached to euro-denominated clearing constitute a relatively low part of the total employment in the financial sector. However, given their central position in the international financial system and their potentially systemic nature, deep supervisory cooperation and clear coordination is essential. As the Chancellor set out in March this year, we are seeking a future partnership in financial services as part of a wide-ranging Free Trade Agreement.

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