Money EU divisions stall plans to force trading out of London

15:00  23 may  2017
15:00  23 may  2017 Source:   Independent.ie

Vodafone scrap LS deal

  Vodafone scrap LS deal Vodafone will confirm on Tuesday that they have shelved plans to pay £20m for the naming rights at London Stadium. In April, Sky Sports News HQ revealed details of the six-year deal that would have seen the London Stadium renamed the Vodafone Arena.The deal would have raised £3.33m a year for the London Legacy Development Corporation (LLDC).Vodafone are expected to announce huge trading losses, reportedly up to £4bn.The company is keen to avoid any more negative publicity after a terror attack on the Vodafone Arena in Istanbul, home to Besiktas, which killed 38 people last year.

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The ECB currently sits on © Provided by Irish Independent The ECB currently sits on "supervisory colleges" overseeing London-based clearing houses through regulation and agreements with the Bank of England. Photo: Bloomberg

Currently UK clearing houses, particularly the London Stock Exchange's LCH Clearnet, guarantee the vast majority of the trillions of euro worth of trades conducted every year and their location will likely be a point of contention in divorce talks between Britain and the European Union.

The ECB and the central banks of the eurozone's three largest countries - Germany, France and Italy - agree euro clearing needs to move to the eurozone after Brexit but they diverge on who should supervise it, the sources close to the matter said.

Vodafone scrap LS deal

  Vodafone scrap LS deal Vodafone will confirm on Tuesday that they have shelved plans to pay £20m for the naming rights at London Stadium. In April, Sky Sports News HQ revealed details of the six-year deal that would have seen the London Stadium renamed the Vodafone Arena.The deal would have raised £3.33m a year for the London Legacy Development Corporation (LLDC).Vodafone are expected to announce huge trading losses, reportedly up to £4bn.The company is keen to avoid any more negative publicity after a terror attack on the Vodafone Arena in Istanbul, home to Besiktas, which killed 38 people last year.

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The ECB has effectively proposed taking over supervision of the largest clearing houses but national authorities want to have prerogative, as they do currently, the sources added.

"The question is who would supervise, the ECB or the national central banks," one of the sources said. "There is a risk now that we won't be able to agree on a proposal and the (European) Commission will decide for us."

The disagreement risks delaying the European Union's timetable for making a legislative proposal in June on euro clearing after Brexit. Alternatively it could force the European Commission to make a proposal without ECB input.

The ECB, Bundesbank, Banque de France and Bank of Italy all declined to comment.

The ECB, currently sits on "supervisory colleges" overseeing London-based clearing houses through regulation and agreements with the Bank of England. (Reuters)

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