London could lose out as ECB seeks control of euro clearing after Brexit

European Central Bank’s bid for more powers represents challenge to City’s dominance of £880bn-a-day business

London is facing renewed pressure over its dominance of the €1tn (£880bn)-a-day euro clearing market after the European Central Bank set out proposals aimed at giving it more oversight of the lucrative business.

The move by the Frankfurt-based ECB – the central bank for the 19 countries using the euro – follows a report by the European commission that called for the EU to have more powers over clearing of financial products denominated in euros after Brexit.

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