The European Union’s finance chief said the bloc is open to further extending the deadline for wresting euro clearing from London, casting doubt over a newly adopted timeline.
Advertisement
EU Financial Services Commissioner Maria Luis Albuquerque said in an interview with Bloomberg earlier this week that she hopes a new proposed 2028 deadline can be achieved, but “didn’t know” if it would be the final extension to a post-Brexit exemption granting EU market access to UK clearing houses.
The comments came just days before the EU announced on Friday that it has adopted a decision to extend until July 2028 an exemption that grants UK clearing access to the single market.
“This is a perfect example where scale is important,” Albuquerque said in the interview. “If we scale up our markets and we make them more attractive for all areas including clearing and settlement, I hope that we will be so successful that we can do it in three years.”
Europe unveiled proposals for the three-year extension earlier this month amid resistance from the finance industry, which argues it would face higher costs and poorer service if the London clearing houses were blocked.
Advertisement