• Latest
  • Trending
Getting balance right on UK euro clearing may take years

Getting balance right on UK euro clearing may take years

Global economies struggle as oil supplies tighten, volatile stakes

Oil prices see a surge, supply concerns to aid in the cause

S & P 500 ends at record high as Wall Street rises

Wall St futures tumble, dollar holds its ground against tides

OPEC+ members face issues of tight oil supplies

OPEC+ members face issues of tight oil supplies

U.S. energy companies shudder after economic and climate warnings

U.S. energy companies shudder after economic and climate warnings

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank strikes Gold at Technnovation Awards 2022

Russia evades default through sheer force of will; Kremlin speaks

Russia evades default through sheer force of will; Kremlin speaks

Global economies struggle as oil supplies tighten, volatile stakes

G7 fixate on stricter sanctions to impose on Russia, oil rates wobble

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank empowers local youth with People’s Spark Entrepreneurship Development Programme

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

Russia may be driven into default, Eurobonds due in payment

Russia may be driven into default, Eurobonds due in payment

Asia shares falls on worries over inflation, Fed outlook

An insightful glimpse of the market during the inflation period

Russia’s Sovcomflot managed to strike deals despite sanctions

Russia’s Sovcomflot managed to strike deals despite sanctions

Global Business Review Magazine
Thursday, July 7, 2022
Nominate Here
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
No Result
View All Result
Global Business Review Magazine
No Result
View All Result

Getting balance right on UK euro clearing may take years

Getting balance right on UK euro clearing may take years

The European Union won’t suddenly pull up the drawbridge on Britain’s financial services sector. Reducing reliance on the City of London for euro clearing could take years, said a top European Commission official. The EU executive said that EU market participants could continue clearing euro denominated derivatives in London beyond June 2022. The extra period would allow time to expand the bloc’s capacity in clearing, which is a core part of the financial system’s plumbing.

John Berrigan, head of the commission’s financial services unit, told an event held by Brussels think tank CEPS said that the City of London is a global financial centre that they will always want to use because it is next door and also convenient. The issue here is one of balance. Berrigan stated that balance and they will have to work on in the next few years. Banks say that forcing a shift in euro derivatives clearing from the London Stock Exchange to Deutsche Boerse in Frankfurt would be costly and fragment markets.

YOU MAY ALSO LIKE

Wall St futures tumble, dollar holds its ground against tides

U.S. energy companies shudder after economic and climate warnings

Before deciding on the length of Britain’s market access extension, the EU is waiting for a report from the bloc’s markets watchdog ESMA. The ESMA report is expected to reach conclusions by year end on whether UK clearers are so systemic, that the EU business should be shifted to the bloc. The commission will then see what all the measures might be required to move clearing. And also, how long would be needed to implement them while minimising costs and stability risks. If they make it an open ended, then the risk is that they will never finish. Berrigan added that it is about finding the right balance in terms of their relationship.

Froukelien Wendt is a member of ESMA’s clearing supervisory committee. He said that the report looks at the effect of cutting off EU market participants from clearers in London. There are also benefits and they relate to the ability of EU supervisors, EU authorities especially in times of crisis. Wendt said that this is to access information and to be able to intervene effectively. The EU will have to build up best in class clearing capacity that is attractive and competitive.

Tags: European UnionfinanceJohn Berrigan
ShareTweetShare

Search

No Result
View All Result

Recent News

Global economies struggle as oil supplies tighten, volatile stakes

Oil prices see a surge, supply concerns to aid in the cause

S & P 500 ends at record high as Wall Street rises

Wall St futures tumble, dollar holds its ground against tides

OPEC+ members face issues of tight oil supplies

OPEC+ members face issues of tight oil supplies

U.S. energy companies shudder after economic and climate warnings

U.S. energy companies shudder after economic and climate warnings

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank strikes Gold at Technnovation Awards 2022

Russia evades default through sheer force of will; Kremlin speaks

Russia evades default through sheer force of will; Kremlin speaks

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • Oil prices see a surge, supply concerns to aid in the cause
  • Wall St futures tumble, dollar holds its ground against tides
  • OPEC+ members face issues of tight oil supplies
  • U.S. energy companies shudder after economic and climate warnings
  • People’s Bank strikes Gold at Technnovation Awards 2022

Categories

  • Banking
  • Business
  • Events
  • Finance
  • FinTech
  • Tech
  • Videos
  • About
  • Nominate
  • Privacy & Policy

© 2022 Global Business Review Magazine - All Rights Reserved.

No Result
View All Result
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine

© 2022 Global Business Review Magazine - All Rights Reserved.

Go to mobile version