France is looking at ways to lure clearing in euro derivatives away from London ...
LONDON/PARIS - France is looking at ways to lure clearing in euro derivatives away from London to the European Union to lessen the risk of any forced “relocation” backfiring by driving business instead to the U.S., financial industry officials said.
Globally, it clears more than 90% of euro interest rate swaps, a financial contract heavily used by companies on the continent to shield themselves against unexpected moves in borrowing costs. French officials told industry representatives that the EU needed to build up its own capital market. “They are thinking how to deliver benefits similar to cross-product margining and netting across currencies if euro-denominated clearing is separated from other products,” an industry official said.
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