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The euro clearing businesses currently located in the United Kingdom could remain in the country following Brexit provided the new scheme is formidable enough. But a European Central Bank official implied such a likelihood seems challenging.
ECB executive board member Benoit Coeure said he has no inkling if it is possible after Britain exits the European Union.
This week, UK Prime Minister Theresa May said the country will leave the customs union and the single market.
Coeure said the premier's announcement raised questions about rules to be applied to clearing houses, adding such regulations are designed to protect clients, as well as ensure financial stability and fairness among institutions.
Touching on the central bank's decision to retain interest rates and asset purchasing program, the policymaker said inflation was not strong enough as of the moment and they have not started discussions about policy tapering.
He added the ECB will be able to tightening its policy when they have to.
