European Capital Markets Institute
ECMI conducts in-depth research aimed at informing the debate and policy-making process on a broad range of issues relevant to capital markets.
More than EUR 3.2 trillion notional outstanding of interest rate swaps (IRS), the most active interest rate derivative (IRD) product, are cleared every day in the City of London, including around 94% of all euro-denominated IRS that are traded globally. Brexit has naturally raised questions around whether London’s central role can continue.
A new CEPS-ECMI study calls for a long-term vision for the future of the European clearing market, by taking financial stability, efficiency, and market development objectives into account.