HSBC Boss Says Euro Clearing Business Could Eventually Move to US or Asia

[kreslik.news]

HSBC chief executive Stuart Gulliver warned that any moves by Brussels to relocate euro clearing business after Brexit would only benefit financial hubs in US and Asia.

The London Summit 2017 is coming, get involved!
As the EU and UK prepare for divorce negotiations, the former has already proposed a new system to ensure that the clearing and supervision of euro-denominated derivatives trades will be controlled by its own institutions after the split.

The new rules would force UK-based clearing houses to stick to EU regulations and accept requirements set by the European Central Bank. Without ... (read more)