by Marion Dakers, Financial Services Editor
Telegraph.co.uk
Francois Hollande, the French President, has warned London that it will no longer be the centre of euro-denominated clearing following the Brexit vote, dealing a blow to one of the City’s biggest markets and casting further doubt on the London Stock Exchange’s merger plans.
Mr Hollande, speaking after a tense meeting of European Union leaders last night, said that if the UK abandoned the EU’s pillars of free movement of goods, capital, workers and services, “you lose the advantages that come with it”.
“The City, which could make its clearing operations in euro, won’t be able to do so any more,” he said.