LONDON, Sept 7 Britain's dominance in
euro-denominated clearing of financial contracts will end after
the country's withdrawal from the European Union, former Bank of
England Governor Charlie Bean said on Wednesday.
Britain is the main centre in the EU for clearing
derivatives and other financial contracts denominated in euros.
French President Francois Hollande has said this should move
to the euro zone in future after Brexit, but banks have
privately expressed scepticism that this can be done.
"I think it's certain that we will lose it," Bean told a
House of Lords committee.
He said he had "absolutely no doubt at all" that euro
denominated clearing will be mandated to be taken back to the
(Reporting by Huw Jones, Editing by Kylie MacLellan)