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LCH: EU should focus on supervision of euro clearing, rather than migration

LCH Group Holdings Ltd. has called on the EU to focus on increasing cross-border supervision of euro-denominated clearing rather than forcibly moving such business out of London after Brexit, Reuters reported June 7.

The EU is weighing its options and is set to make an announcement on the subject June 13. It may decide that euro clearing should move to a country within the EU after Britain leaves the bloc.

LCH COO Daniel Maguire said the clearing house is already registered in other countries, where it is directly regulated. He also referred to comments made by Christopher Giancarlo, the acting head of the U.S. Commodity Futures Trading Commission, who noted that the U.S. could still supervise dollar-denominated clearing in London, according to the report.

LCH, part of London Stock Exchange Group Plc, clears most euro-denominated derivatives in Europe.