Commission should have power to order CCPs to relocate to EU – Cœuré

The power would be one among many, says ECB executive board member

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Benoît Cœuré: reviewing the regime has “become urgent in the current environment”

A senior figure at the European Central Bank (ECB) has said the institution supported giving European authorities the power to compel central counterparties (CCPs) to move out of the UK and into Europe after Brexit.  

Benoît Cœuré, a member of the ECB’s executive board, appeared to say the measure, recently proposed by the European Commission (EC), should only be used in certain circumstances. But he affirmed Brexit was “prompting a significant rethink of the European approach” to supervising s