Germany monitoring potential risks from euro clearing after Brexit: ministry

FILE PHOTO: German Finance Minister and vice-chancellor Olaf Scholz attends the weekly cabinet meeting in Berlin, Germany August 1, 2018. REUTERS/Joachim Herrmann/File Photo

BERLIN (Reuters) - The German Finance Ministry is closely monitoring potential risks from euro clearing after Britain’s planned departure from the European Union, a spokeswoman told Reuters on Thursday.

“In the light of Brexit there will be new challenges at the European level regarding the regulation of CCPs being outside the EU in future,” the spokeswoman told Reuters.

“The Finance Ministry will closely monitor potential risks arising from the fact that a major share of CCP (central counterparty) clearing in future will occur in the future third country UK and therefore beyond the control of EU supervisory authorities,” she said.

“Resulting risks due to Brexit should be addressed by a revision of the European Market Infrastructure Regulation,” she added.

Reporting by Michael Nienaber; Writing by Joseph Nasr; Editing by Michelle Martin

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