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Draft clearing law receives broad backing from EU lawmakers

European Union lawmakers broadly supported a proposed law on stricter supervision of foreign clearing houses operating in the bloc, which could damage London, Reuters reported Oct. 10.

The law would mean euro-denominated business with EU-based customers would need to move to the EU. U.K.-based LCH, part of London Stock Exchange Group Plc, clears most such swaps in Europe.

Lawmakers from the European People's Party and the Progressive Alliance of Socialists and Democrats gave their broad backing to the law in a debate on Oct. 10, but asked for certain changes.