The Telegraph: Euronext boss: City will lose euro-clearing battle

19 May 2017

Euronext boss Stéphane Boujnah has warned that the UK will likely lose its battle with Brussels over euro-clearing, saying that a "significant part" of the lucrative $1 trillion market is likely to relocate.

Mr Boujnah, who runs the pan-European exchange, said that clearing trades denominated in euros will become an "anomaly" in London after Brexit, with a shift away from the City the most likely outcome. 

Speaking a month before the European Commission will present a series of reforms concerning the market post-Brexit, he pointed out that 40-70pc of trading in euro-denominated assets currently goes through London.  

That was fine before the UK voted to leave the EU, he said, but "it's normal that we should [now] expect one way or another to have the relocation of a significant part of trading and clearing of EU denominated assets". [...]

Full article on The Telegraph

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