The fight over clearing euro derivatives

Karel Lannoo

ECMI Papers from Centre for European Policy Studies

Abstract: The fight over City business has reached dramatic proportions in a very arcane domain, derivatives clearing. The European Commission has proposed to bring all third-country business conducted in euro under the direct supervision of the European Securities and Markets Authority (ESMA), which has infuriated the UK and the US. With Brexit looming, a huge problem is the possible non-recognition of the UK’s clearing infrastructures, and the related derivatives contracts, which would require costly duplication of effort and a massive migration to EU-27 entities.

Pages: 3 pages
Date: 2018-03
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Persistent link: https://EconPapers.repec.org/RePEc:eps:ecmiwp:13518

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