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

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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