Posted on Dec 19, 2019 2021 at 9:29Updated Dec 19. 2021 at 9:59
It is the end – provisional – of a latent conflict which lasts for more than five years. The one which concerns the major role played by the British clearing houses on certain transactions in euros. And it was London that won the first battle.
The role of clearing houses is to secure financial transactions in the event that one of the parties does not respect its commitments. And the London “clearing houses” are ultra-dominant, for example, in the market for interest rate derivatives denominated in the European currency.