The EU will demand that derivatives traders use accounts at clearing houses in the bloc for some of their transactions, as part of plans to take a share of the €115tn market processed through the City of London.
Banks dealing with large quantities of contracts that are deemed “systemic” by regulators would have to clear a minimum amount of business via active accounts in EU-based clearing houses, officials briefed on the proposals said.
The plans are part of a package intended to boost Europe’s capital markets and reduce the EU’s reliance on the UK’s financial services sector after Brexit. The European Commission is planning to outline the measures next month when it publishes proposals.
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