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EU moves to gain control of key London financial market

Britain's Prime Minister Theresa May leaves after a meeting with the Leader of Northern Ireland's Democratic Unionist Party (DUP) Arlene Foster at 10 Downing Street after the general election in London, Tuesday, June 13, 2017. Britain's prime minister has begun talks with a Northern Ireland-based party Tuesday to see if they can create an alliance to push through the Conservative Party's agenda after a disastrous snap election left her short of a majority in Parliament. (AP Photo/Frank Augstein)
Britain's Prime Minister Theresa May leaves after a meeting with the Leader of Northern Ireland's Democratic Unionist Party (DUP) Arlene Foster at 10 Downing Street after the general election in London, Tuesday, June 13, 2017. Britain's prime minister has begun talks with a Northern Ireland-based party Tuesday to see if they can create an alliance to push through the Conservative Party's agenda after a disastrous snap election left her short of a majority in Parliament. (AP Photo/Frank Augstein)

By Associated Press 1 min read

LONDON (AP) – The European Union is moving ahead with new rules that could force a key financial market to leave London once Britain exits the bloc.

The European Commission, the EU’s executive body, proposed Tuesday to tighten its oversight of companies that clear euro-denominated derivatives, a market currently dominated by U.K.-based firms. The draft regulations would force any firm considered important to the EU financial system to accept direct oversight from the bloc and, if requested, relocate to within the EU.

The move affects tens of thousands of jobs in Britain, where three-fourths of euro-denominated interest rate derivatives are cleared.

Commission Vice President Valdis Dombrovskis said the EU “needed to make certain adjustments to our rules to ensure that our efforts remain on track.”