EU Has to Control Euro Clearing After Brexit, Lawmakers Say
- EU Parliament committee eyes legislative changes on clearing
- Lawmakers seek transitional deal with U.K. to avoid turbulence
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European Union law should be changed to ensure that the clearing and supervision of euro-denominated derivatives trades is controlled by EU institutions after Brexit, lawmakers in the bloc’s parliament said.
The majority of derivatives transactions are cleared by companies based in the U.K., including a “large number” denominated in euros, lawmakers in the assembly’s Economic and Monetary Affairs Committee said in a statement before the start of talks on Britain’s secession from the EU. The document will contribute to forming the parliament’s priorities for the talks.