Tech Challenges Loom as Europe Eyes London’s Clearinghouses

New EU rules suggest London-based clearinghouses may be forced to relocate to the eurozone.

The European Commission’s (EC) proposal suggests splitting non-EU—or third country—central counterparties (CCPs) into two camps: The first would consist of smaller CCPs and be able to use existing equivalence arrangements, while the second would comprise systemically important CCPs. These will be subjected to enhanced supervision owing to their importance, and the EC further suggests that such entities may need to relocate within the EU to continue to offer clearing services in euro-denominated

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