EC shelves report on relocation of euro clearing
Consultation revealed a deep reluctance among banks to shift clearing to EU CCPs
The European Commission (EC) will not be releasing a highly anticipated report by a working group it convened to look at ways to shift euro swaps clearing away from London.
The decision to pull the report follows a testy consultation process, during which banks detailed various technical barriers to clearing large swathes of euro products in the European Union. They also argued that a forced relocation would harm liquidity and threaten financial stability.
“Earlier in the year, when they
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