UK clearing houses could be moved to European Union

European Commission proposal comes days before divorce negotiations are set to begin between UK and EU

EU flag with euro notes and coins
Key priority: "As we face the departure of the largest EU financial centre, we need to make certain adjustments to our rules to ensure our efforts remain on track" – Valdis Dombrovskis

Central counterparties (CCPs) of systemic importance to the European Union that are currently quartered outside the bloc could be required to set up shop within its boundaries, according to a proposal put forward by the European Commission (EC) to revise the European Market Infrastructure Regulation (Emir).

The proposal sets the stage for the upcoming divorce negotiations between the UK and EU, in which the role of the City of London and the financial institutions it houses are likely to

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