EU finance chief casts doubt on new UK clearing deadline
The comments came days before the EU announced it adopted a decision to extend an exemption to July 2028 that grants UK clearing access
The European Union’s finance chief said the bloc is open to further extending the deadline for wresting euro clearing from London, casting doubt over a newly adopted timeline.
EU Financial Services Commissioner Maria Luis Albuquerque said in an interview with Bloomberg earlier this week that she hopes a new proposed 2028 deadline can be achieved, but “didn’t know” if it would be the final extension to a post-Brexit exemption granting EU market access to UK clearing houses.
The comments came just days before the EU announced on Friday that it has adopted a decision to extend until July 2028 an exemption that grants UK clearing access to the single market.
“This is a perfect example where scale is important,” Albuquerque said in the interview. “If we scale up our markets and we make them more attractive for all areas including clearing and settlement, I hope that we will be so successful that we can do it in three years.”
Europe unveiled proposals for the three-year extension earlier this month amid resistance from the finance industry, which argues it would face higher costs and poorer service if the London clearing houses were blocked.