Global Markets: EU clearing house proposal threatens London financial markets

By Commodity News Service Canada
Oct. 10 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– A proposed European Union law that would compel foreign clearing houses dealing in financial contracts conducted in euros to be subject to much stricter supervision has received broad support by EU officials. Should the United Kingdom leave the EU, it would have major repercussions for the LCH, a division of the London Stock Exchange, which clears most euro-denominated trades in Europe. The London exchange warned that thousands of jobs are at risk if the bill becomes law.

– If United States President Donald Trump follows through with a plan to designate Iran’s Islamic Revolutionary Guard Corps as a terrorist organization, Iran said “all options are on the table.”

– A Canadian Press/Ekos survey suggests Canadians want a more open approach to foreign policy than what currently exists in the United States. Sixty per cent of 4,839 people surveyed between Sept. 15 and Oct. 1 said they would not favour a “Canada First” policy similar the U.S. “America First” policy. Eighty per cent disagreed with how U.S. President Donald Trump is handling his job and 52 per cent want to see Canada become less like the U.S.

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