European politicians are hoping to force the relocation of the lucrative business of clearing euro-denominated derivatives out of the City of London and into the European Union after Britain leaves the bloc in 2019.
The European Central Bank has previously sought to require euro-denominated clearing to be performed in the single currency area, but was overruled by the European Court of Justice on the grounds that this would conflict with the rules of the single market.
But the departure of the UK from the single market in two years opens up the opportunity for the European authorities to move again.
A re-location of clearing could benefit the Paris-based Euronext exchange.
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