Carney warns against splitting London’s euro clearing

Mark Carney
Mark Carney: “I think there is a learning process underway”
Bank of England

The European Union would be unwise to seek to split euro-denominated clearing away from London after the UK exits the European Union, Mark Carney told UK lawmakers today (October 17).

“Those costs of fragmenting clearing… would be principally borne by the European real economy and they are considerable,” the Bank of England governor told a hearing of the Treasury Committee, in his first appearance under the committee’s new chair, Nicky Morgan.

The European Commission has mooted a policy

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