Financial Times (December 3)
2012/ 12/ 04 by jd in Global News
The European Central Bank (ECB) wants “to reduce the City’s role as an offshore centre doing euro-denominated business…. A substantial clawback would hurt the City, which accounts for more than a third of all wholesale financial business in the EU and 40 per cent of global foreign exchange trading in the single currency. Quite how easily this activity could be repatriated by ECB fiat remains to be seen, as location, language and expertise also count for much in markets.”
Tags: Currency trading, ECB, EU, Forex, London
