EU Weighs Rules That Could Move Thousands of Jobs From London
The European Union said Thursday that it’s preparing new regulations that could force a key financial market — and potentially thousands of jobs — to move away from London once Britain leaves the bloc. The EU Commission said it will present next month new rules on the oversight of this market, the so-called clearing of euro-denominated trades. In financial markets, clearing is the business of acting as an intermediary in a trade to reduce the risks from defaults by ensuring funds are delivered to the seller. Some 75 percent of …