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London’s global investment banks are expecting that France or Germany will succeed the City over the clearing of $570 billion of euro derivatives and have started to make plans to deal with the fallout, according to sources quoted in Bloomberg today.
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It is assumed that the City of London will eventually lose the ability to clear euro denominated swaps after the nation formally leaves the European Union. Although this could take several years, employees and operations that are key to the clearing function will be ... (read more)