After the referendum on June 23rd, where a majority of the Britons chose the exit route, several European economies namely France and Germany have stepped up their efforts to lure large chunk of the clearing businesses to their country. Many analysts said that that the clearing business, where trillions of dollars’ worth of financial contracts get cleared through London clearing houses, earning a substantial fee for the United Kingdom government, could move to other countries in the continent in the wake of the referendum. Even country leaders in the European Union suggested snatching that away after Brexit vote via regulatory measures. London every day clears around $1.2 trillion worth of deals among with euro-denominated ones account for almost half.

Today, a major rating agency, Standard & Poor has some assurance for the UK government. According to the agency, EU authorities are unlikely to succeed in their attempts to move euro clearing activity from London to the continent as any fresh assault is unlikely as it would impose an extra burden of collateral and such a move is unlikely.

ECB last year brought a case to take the euro clearing from London to Eurozone but lost it. According to S&P, relaunch of such a case is unlikely as it would require a change of the EU’s treaties which requires unanimous approval from all existing member.