EU eyes rules that could move thousands of jobs from London

The European Union said Thursday 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’s executive Commission said it will present next month new rules on the oversight of this market, the so-called clearing of euro-denominated trades.

Some European authorities want this euro clearing business to be located in a country in the EU, as the bloc is tightening its oversight of banks and financial services in the wake of the financial crisis.

The statement comes as the EU and Britain begin two years of complex negotiations over the separation of two economies that have been intertwined for more than 40 years.

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Article source: http://www.dailystar.com.lb//Business/International/2017/May-04/404512-eu-eyes-rules-that-could-move-thousands-of-jobs-from-london.ashx