Arguing over who gets to own a clearing-house time bomb
Wall Street people underestimated how nasty and political the struggle over the post-Brexit fate of European clearing houses would become. This week the European Commission offered threats to London-based clearing houses and inducements for their customers to move their trade to the EU. €650bn Value of euro-denominated trades that clear through London each business day UK negotiators in turn demand that euro derivatives clearing should stay in […]