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EU's McGuinness says no UK clearing access after June 2025

Published 11/02/2022, 07:54
Updated 11/02/2022, 07:56
© Reuters. FILE PHOTO: European Commissioner for Financial Stability, Financial Services and the Capital Markets Union Mairead McGuinness speaks during a news conference in Brussels, Belgium February 2, 2022.  REUTERS/Johanna Geron

© Reuters. FILE PHOTO: European Commissioner for Financial Stability, Financial Services and the Capital Markets Union Mairead McGuinness speaks during a news conference in Brussels, Belgium February 2, 2022. REUTERS/Johanna Geron

LONDON (Reuters) - There will no access to the European Union for Britain's derivatives clearing houses after June 2025, the bloc's financial services chief said on Friday.

© Reuters. FILE PHOTO: European Commissioner for Financial Stability, Financial Services and the Capital Markets Union Mairead McGuinness speaks during a news conference in Brussels, Belgium February 2, 2022.  REUTERS/Johanna Geron

Mairead McGuinness said the financial sector now knows how serious the EU is about shifting euro clearing from London to the EU to help build up its capital market and end heavy reliance on clearing in the UK.

"I am very clear that June 2025 is the end to equivalence for UK clearing houses," McGuinness told a Politico event in reference to EU market access for Britain.

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