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European Commission’s low-key market-infrastructure revamp may yet find its swagger
09 December 2022 00:00
This week’s European Commission post-Brexit proposal to repatriate the EU’s clearing activity from the City of London’s three major clearinghouses was, as expected, a moderate affair. With an energy crisis underway and financial stability concerns now top of mind, the EU executive’s proposal was a remarkably conciliatory first step. But there’s a catch: it will now be up to EU governments and lawmakers to work out how tough they need the legislation to be.