Reuters exclusively reports French bankers seek EU law to move euro clearing from London

Reuters exclusively reported that France’s banking industry body wants a new European Union law that would force non-EU banks to shift swathes of euro derivatives clearing from the City of London to Frankfurt. Since Britain fully left the European Union in December, the City of London finance industry has lost access to its biggest market and trading in euro shares and swaps have moved to the EU. Brussels is now targeting euro clearing and last week began a fact-finding mission by meeting with banks.