Financial Services: Euro

(asked on 17th July 2018) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of whether the City of London will be able to continue with euro clearing after Brexit; and whether this would be likely to require direct oversight from EU regulators.


Answered by
Lord Bates Portrait
Lord Bates
This question was answered on 31st July 2018

Euro-denominated clearing forms an important part of the overall financial structure in London, generating economic efficiencies from which many firms in the UK, in Europe and internationally benefit.

Euro-denominated contracts are not only traded by EU firms but also by firms located in the UK and other third country jurisdictions. Many of these transactions would not be impacted by the UK’s exit from the EU.

The Chancellor has proposed a new partnership that will focus on developing a mutually agreed and objective framework which maximises the provision of the most important international financial services offerings between the UK and the EU, in a way that is enduring, reliable and ensures financial stability risks can properly be managed.

Reticulating Splines