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LONDON, Oct 19 (Reuters) - The future of London’s financial clearing business is a significant consideration in Britain’s negotiations on leaving the European Union, but is probably not a priority for government, city minister Simon Kirby said on Wednesday.
“It’s an element of the negotiations. Is it the most important element? Probably not, but it is a significant consideration,” Kirby said when asked whether the finance ministry had analysed the impact of relocating clearing houses away from the capital.
French President Francois Hollande wants clearing of euro denominated securities shifted to the euro zone, an activity currently dominated by London.
Reporting by Huw Jones; writing by William James