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  4. Bank of England urges banks to wait out EU pressure over euro clearing
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Bank of England urges banks to wait out EU pressure over euro clearing

LONDON (Reuters) - Banks should hold their nerve in the face of European Union pressure to shift euro derivatives clearing from London to the bloc, Bank of England Governor Andrew...
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LONDON (Reuters) - Banks should hold their nerve in the face of European Union pressure to shift euro derivatives clearing from London to the bloc, Bank of England Governor Andrew Bailey said on Tuesday.

Since Britain fully left the EU last December, the bloc has asked banks to move euro clearing from London, which accounts for the bulk of activity, to Frankfurt.

So far, banks and their customers have put on a united front against relocating clearing, saying it would bump up costs by splitting markets.

Bailey said banks were waiting rather than shifting euro positions as a June 2022 deadline looms when temporary permission for London clearers to serve EU customers ends.

"The right thing to do is to wait for the moment. The cost of moving and fragmenting are too large," Bailey told a Bloomberg event.

"While waiting is sensible from the point of view of the banks, it puts the responsibility on the authorities to sort the thing out," Bailey said.

However, negotiations with the EU at the present time have not been particularly intense, but the BoE was happy to give EU regulators the assurances they need, he said.

"If they want to take a decision to break the system up, then it's important to consider the risks to financial stability that come with fragmentation."

Clearers in the United States already have EU permission to serve customers in the bloc.

"We could see some clearing of euro instruments switch to New York from London if this does not get sorted out," NatWest bank chairman Howard Davies told the same event.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
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 FTSE 1008,144.13Sell
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 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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