French Banking Federation, 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, people familiar with the matter said.
The FBF wants a new EU law to make possible “forced relocation” of euro clearing by non-EU banks, the sources added.
The French industry body also wants a “roadmap” combining such new legislation and other steps to relocate euro clearing by force, the sources said. This would be aligned with efforts by Deutsche Boerse’s Eurex clearing arm in Frankfurt to broaden its service.
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