European Union and British flags flutter in front of a chancellery ahead of a visit of British Prime Minister Theresa May in Berlin, Germany, April 9, 2019. — Reuters picThe European Union is trying to grab a slice of the City of London's multi-billion euro derivatives market after Brexit but EU regulators risk driving some of the business to New York from January if there is no clarity on rules.
Steven Maijoor, chairman of the European Securities and Markets Authority , said there will be clarity before year-end on where EU investors must trade derivatives like interest rate and credit default swaps. This would allow the EU banks to maintain access to London's highly liquid market in swaps on behalf of EU clients.
"The key issue for us is that whatever solution we come forward with it also needs to be in line with legislation," Maijoor said, referring to the EU's securities law.
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