The Bruxellian Job: Europe Targets London Clearinghouses

European regulators landed a body blow against the UK, but not all participants are convinced it will work

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London faces the possibility of losing its clearing houses to the eurozone under new proposals.

Nobody expected Brexit’s initial exchange of fire to take place in a quiet, arcane corner of the financial markets. Yet on June 13, that’s precisely where European authorities launched their first broadside. Their target was London’s powerful clearinghouses, and the impact sent a shockwave of unease through the industry.

That afternoon, during a short press conference in the European Union’s (EU’s) Strasbourg buildings, vice-president Valdis Dombrovskis of the European Commission (EC) outlined

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