Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
The European Central Bank moved closer to gaining power over the lucrative clearing industry, a crown jewel of London's financial hub and a flashpoint in Brexit negotiations. The ECB Tuesday won the European Commission's backing in its push for power over clearing of euro-denominated financial contracts, which would give it more control over clearinghouses based outside the European Union, including those in London after the U.K. quits the bloc.The Brussels-based commission, the EU's executive arm, said the powers are necessary for the ECB to fully oversee contracts tied to the euro and monitor an industry that has grown in importance since the 2008 crisis. The ECB's June 23 proposal came in response to the commission's broader plans for overhauling clearing rules.
FOLLOW THIS ARTICLE