France supports Britain as banking mecca and rejects German victory on Brexit – POLITICO

The latter was the most divisive. The debate centered on the active account proposal, which would require EU banks to hold accounts at bloc-based clearing houses and conduct a certain number of transactions on those accounts.

Given that the topic of discussion is EU legislation that would attract business to the bloc, potentially benefiting the country financially and improving oversight of major financial transactions, it is surprising that the two sides are not the UK. and the EU, France and Germany.

Paris generally favors measures to strengthen Europe's political capabilities, known in Brussels as “strategic autonomy”, but when it comes to clearing the euro, it was France that struck a deal that would benefit Britain.

France has decided to firmly back the bank, supporting its position that it could lose international business and face higher costs if euro clearing is forced through the channel.

There are costs involved in moving clearing to the EU. Reducing European banks' access to UK clearinghouses reduces the strategic autonomy of banks and their customers, said Perrine Herrenschmidt, head of European public policy at the Brussels office of the International Swaps and Derivatives Association.

Germany, on the other hand, could benefit from the LCH disruption because its potential rival, Eurex, part of Deutsche Brse, is headquartered in Frankfurt.

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