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Speaking at the House of Commons, the United Kingdom’s Brexit minister David Davis said that the country is determined to keep the euro clearing business in London. He said that the United Kingdom meets all the necessary clearance to conduct the business here. Since the referendum, several countries including France, Germany have been trying to grab a piece of the pie and the pie has been so large that it is probably the most rewarding prize that everyone would try their best to get their hands on during the negotiations.
According to the Bank of England (BoE), London processes $1.2 trillion worth of deals every day and the euro-denominated ones account for almost half of it. UK would be worse off, if that business gets redistributed across the continent.
Mr. Davis cleared that it is the top priority of the government to keep the business here.
