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EU clinches deal on derivative clearing ahead of Brexit

Firstpost Wednesday, 13 March 2019 ()
By Francesco Guarascio BRUSSELS (Reuters) - European Union governments and lawmakers agreed on Wednesday new rules that could force large foreign clearing houses with operations in the bloc to relocate to the bloc if they want to continue servicing their EU clients. Euro clearing has been one of the main battlegrounds between London and Brussels in talks that will shape how Europe's financial market is divided up when Britain leaves the European Union. "Today's agreement is essential to achieving legal certainty on the rules that will apply in the future, in particular as regards the way firms based outside the EU will be able to operate in the single market," said Eugen Teodorovici, Romania's finance minister, who helped push the deal through
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