France reportedly aims to remove euro clearing from London, GBP/USD negative
Reuters is reporting that France is looking for ways to woo clearing of euro contracts from the City of London tot eh eurozone. The news agency is quoting industry officials.
The report comes on top of other reports suggesting that the EU is aiming to remove concessions made to the UK in the MiFID 2 regulations and ahead of critical post-Brexit talks.
UK Prime Minister Boris Johnson and Chief EU Negotiator Michel Barnier have laid out contrasting visions of relations after the transition period expires at year-end. Investors fear that Britain ends up with unfavorable conditions or defaults to World Trade Organization rules. The report is adverse for the pound and GBP/USD.