The British seat at the European Union summit had been empty for less than 24 hours before leaders from France and Germany were haggling over one of the U.K. economy's crown jewels: the business that facilitates trading in euro-denominated derivatives.
French President Francois Hollande said Wednesday that clearing operations belong in a country in the Eurozone—like his. "I hope Europe's financial market will get ready for the operations that will no longer be possible in the U.K.," he said in Brussels. German officials countered that Paris is dreaming if it thinks it can beat out Frankfurt, the home of the European Central Bank and Deutsche Boerse AG's Eurex operations.
"It seems wishful thinking from Hollande that this market would move to Paris," Michael Fuchs, a deputy head of German Chancellor Angela Merkel's Christian Democratic Union, said in an interview. "It could also move to Frankfurt."
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
