Industry exasperated as Commission proposes new mandates and capital penalties for banks clearing in London
After five years of trying to relocate euro derivatives clearing from London to the EU, the European Commission has signalled a change of strategy. So far, so predictable: but what has surprised market participants more is that the Commission remains unclear on what this new strategy should be – and it’d like their help deciding. On February 8, the Commission released a consultation detailing a number of potential proposals on how to move the majority of clearing in euro-denominated
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