EC shies away from nuclear option in its euro clearing reform plans
Open Europe’s Vincenzo Scarpetta looks at the EC’s new proposals for the supervision of non-EU clearing houses handling euro-denominated transactions – which are of great interest to the UK in light of Brexit. The approach chosen looks far more cautious than previous declarations made by several senior politicians across Europe.
The EC has recently unveiled its much-awaited proposal to amend the European Market Infrastructure Regulation (EMIR) with regard to the supervision of clearing houses that handle euro-denominated transactions but are based outside the EU. It is worth looking at the EC’s proposal and what it means in the context of the Brexit negotiations that are expected to kick off next week.
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