Reuters exclusively reported that Europe’s top banks must justify why they should not have to shift clearing of euro-denominated derivatives worth billions of euros from London to the European Union after Brexit. Clearers in Britain have EU permission to continue clearing for EU customers until mid-2022 to give banks time to shift their euro positions to the continent, but switching has been slow. The banks are being asked to set out detailed views on shifting euro derivatives positions from London in the first meeting of a new European Commission working group on moving euro clearing.
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