Hollande Takes Aim at City of London in Euro Clearing Threat
- French President says City won’t be able to run euro clearing
- An EU court has ruled that London can clear euro trades
France's Hollande Takes First EU Shot at London Finance
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The City of London is facing the first direct threat to its role as Europe’s dominant financial center as French President Francois Hollande takes aim at a key pillar of the U.K. industry.
European Union member states should prepare to take over euro-denominated clearing that will no longer be possible in the U.K., Hollande said.