Brussels plan to reduce EU’s reliance on UK’s financial sector
The EU is proposing plans to reduce the EU’s reliance on the UK’s financial sector whilst also boosting the EU’s capital markets. They are proposing to do this via a requirement that derivatives traders utilise accounts at EU-based clearing houses for a proportion of their transactions. This is because currently, €115tn is processed through the City of London. EU officials want a share of the market transactions to occur in the EU to boost their own economy and reduce relianc