Responding to the EU Commission’s proposal to extend temporary equivalence for UK clearing houses beyond March 2020, Catherine McGuinness, Policy Chair at the City Corporation, said:

“We welcome Commissioner Dombrovskis’ announcement at Guildhall today that he will propose an extension of temporary equivalence for UK clearing houses.

“This is encouraging news for the CCPs and their customers across the EU, and would help to remove the immediate risk of disruption to EU clearing services.

“Although there is a lot of work yet to be done on the long-term relationship, this extension would give much-needed breathing space in this area to work through the complex issues that remain.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk