More pound positive news
- MEP’s say planned changes would reduce the discretionary powers of EU regulators to force relocation of clearing houses
In response to the EC proposing to give itself and the ESMA the power to force relocations, the chair of the Constitutional Affairs Committee for EU legislature said;
“We don’t want to give those bodies the right to use total discretion in deciding what is cleared where”
The good Brexit news for the UK keeps coming.
One of the touted moves post-Brexit was that the EU could force UK clearing houses to relocate into Europe. This news doesn’t change that threat entirely but it’s yet another softening of rhetoric which could mean the UK could keep clearing business, and if that happens, conclusions will be made that other business won’t have to shift out of the UK either.
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