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2017.01.1604:36:00UTC+00UK urged to accord more powers to ECB on clearing market oversight

Britain should opt to confer additional power to the European Central Bank to supervise London's euro clearing business and fend off a controversy which endangers the division of the derivatives market worldwide.

According to its research, the Financial Service Negotiation Forum, one of the United Kingdom's primary lobbying groups, stipulated the central bank and British authorities should manage clearinghouses together to handle any systemic risk matters.

The group stressed the shared management of the market would avert more allegations of stronghold Europe and it could alleviate conflicts between the region and the country which stemmed from the nation's Brexit vote in the previous year.

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