LONDON (Reuters) – European Union plans to attract clearing in euro denominated derivatives from London to the bloc should be phased in with no mandatory quotas on banks initially, a senior member of the European Parliament said on Wednesday.
Danuta Huebner said ditching proposed mandatory quotas in the first phase of the draft law from the European Commission would protect the competitiveness of EU market participants while giving time to encourage business in the bloc to build up.
The EU wants to end its heavy reliance on clearing houses in London now that Britain is no longer in the bloc.
Huebner is sponsor of the draft law in the parliament.
(Reporting by Huw Jones; Editing by Alison Williams)
