Wednesday, September 30, 2020
Finance

London could lose euro clearing business after Brexit, warns EU

London faces losing its euro clearing business once Britain leaves the European Union in 2019, after it emerged Brussels has drawn up plans to move the operations to the EU.

The British capital is the bloc’s financial centre and currently processes approximately 75% of euro clearing transaction, worth a combined £880bn a day in an industry that employs thousands of people.

European Commission vice-president Valdis Dombrovskis said Brexit needed “certain adjustments to our rules”, adding a draft law was being worked on.

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