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New York could profit from Brexit tussle over euro derivatives | Hellenic Shipping News Worldwide

New York could profit from Brexit tussle over euro derivatives A hasty shift in euro-denominated derivatives clearing from London to Frankfurt to meet European Union post-Brexit demands may drive business to New York and shackle the 27-member bloc’s capital market, banks warn. The future of where euro derivatives are cleared for customers in the bloc became a focal point in the Brexit debate, with EU politicians keen to wrest control of the 100 trillion euro ($122 trillion) market away from the City of London after Britain quit the EU. Whilst employing a relatively small number of people, euro clearing is a central cog in European financial markets so EU policymakers argue they should have full oversight of it.

Analysis-New York could profit from Brexit tussle over euro derivatives

Message : Required fields LONDON (Reuters) - A hasty shift in euro-denominated derivatives clearing from London to Frankfurt to meet European Union post-Brexit demands may drive business to New York and shackle the 27-member bloc s capital market, banks warn. The future of where euro derivatives are cleared for customers in the bloc became a focal point in the Brexit debate, with EU politicians keen to wrest control of the 100 trillion euro ($122 trillion) market away from the City of London after Britain quit the EU. Whilst employing a relatively small number of people, euro clearing is a central cog in European financial markets so EU policymakers argue they should have full oversight of it.

Analysis: New York could profit from Brexit tussle over euro derivatives

Huw Jones 1/2 A street sign is seen in front of the New York Stock Exchange on Wall Street in New York, February 10, 2009. REUTERS/Eric Thayer Read More A hasty shift in euro-denominated derivatives clearing from London to Frankfurt to meet European Union post-Brexit demands may drive business to New York and shackle the 27-member bloc s capital market, banks warn. The future of where euro derivatives are cleared for customers in the bloc became a focal point in the Brexit debate, with EU politicians keen to wrest control of the 100 trillion euro ($122 trillion) market away from the City of London after Britain quit the EU.

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