The European Union moved Tuesday to tighten its oversight of firms that clear euro-denominated derivatives contracts, threatening tens of thousands of jobs in Britain once the country exits the bloc. Draft regulations published by the European Commission, the EU’s executive body, would force any clearing house considered important to the EU financial system to accept direct oversight from the bloc and, if requested, relocate to inside the EU. “The continued safety and stability of our financial system remains a key priority,” Commission Vice-President Valdis Dombrovskis said. “As we face the departure of the largest EU financial centre, we need to make certain adjustments to our rules to ensure that our efforts remain on track.” Britain dominates clearing of euro-denominated contracts, and one… Next »
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