EU sets out post-Brexit rules for derivatives clearers - draft EU document

Bull and bear sculptures in front of the German stock exchange (Deutsche Boerse) in Frankfurt, Germany, February 12, 2019. REUTERS/Kai Pfaffenbach/File Photo

LONDON, Nov 28 (Reuters) - Banks and other market participants in the European Union will have to prove to regulators that they are not overly-reliant on clearing houses in London for processing their derivatives transactions, an EU draft document seen by Reuters showed.

"It is appropriate to require financial counterparties and non-financial counterparties... to hold, directly or indirectly, accounts with a minimum level of activity" at clearing houses established in the EU, the draft said.

Reporting by Huw Jones Editing by Gareth Jones

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