LSE’s Schwimmer Expects EU to Give Clearing Equivalence to U.K.
- CEO’s view is at odds with EU-based politicians, officials
- London bourse completed its $27 billion Refinitiv deal Friday
Pedestrians pass the London Stock Exchange Group Plc headquarters in the City of London.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
London Stock Exchange Group Plc’s chief said he expects the British capital to remain Europe’s center for clearing trades, despite warnings from Brussels officials and governments on the continent.
David Schwimmer said LSE’s LCH unit, which cleared $1.1 quadrillion of swaps last year, remains a critical element of the European Union’s financial infrastructure even after Brexit. Given the prospect of business bleeding to New York instead of Frankfurt, he’s hopeful that the EU will extend access approval beyond June 2022, when a temporary transition arrangement expires.