ECB Shot at London Euro Clearing Could Produce More Than a Flesh Wound

The European Central Bank (ECB) fired the first real salvo in its fight to claw back from London the lucrative business of clearing euro-denominated derivatives. And, typical for a central bank announcing bad news, it did it on a summer Friday, when the holiday spirit takes over London's hard-working bankers (especially as the U.K. has just gone through its hottest June day in 40 years).

On June 23, 2017, exactly one year after the Brexit vote, the ECB published a recommendation it made to the European Parliament and the European Council to give it the right to make regulations regarding the clearing of financial instruments "within the Union and with other countries."...715 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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