City Of London
EU Proposes Rules to Spur Clearing Shift to Bloc From London
- Banks will have to maintain active clearing accounts in EU
- Bloc also tweaking its insolvency and listing regulations
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The European Union will require banks to monitor their exposure to clearinghouses and maintain active clearing accounts in the bloc as part of new financial market rules put forward by its executive on Wednesday.
The European Commission’s proposals are designed to encourage more business to move to clearing houses in continental Europe from the City of London by June 2025, when a temporary waiver that allows its banks and money managers to clear trades in the UK expires.