Complex EU active account reporting could drive trades out of UK
Draft Emir rules might not force large volumes to move to EU, but will make compliance difficult
Within months of the UK’s vote to leave the European Union in 2016, EU lawmakers found themselves caught on the horns of a dilemma. On the one hand, the European Central Bank was uncomfortable with the idea of EU firms clearing systemically important volumes of derivatives trades outside its own jurisdiction and supervision. On the other, any attempt to change that by mandating onshore clearing could backfire, causing EU dealers to lose business and driving even more clearing of trades in EU
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