Asset managers, pension funds and brokers across Europe have stepped up their opposition to EU plans to shift trillions of euros of derivatives out of London, warning the move could hurt European companies and investors.
Eleven trade associations, representing both institutional investors and large banks and brokers handling derivatives trades, said on Thursday that they “strongly recommended” the policymakers ditch a controversial proposal to push a minimum amount of euro derivatives through so-called “active accounts” held at EU-based clearing houses.
The groups said the proposal was “especially damaging” for EU companies and “ultimately, it would harm European pension savers and investors.”
Read the full story on the Financial Times here.