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UK warns EU against escalating City-of-London battle
By EUobserver
Bank of England governor Andrew Bailey has warned the EU against trying to force the €681 trillion market in euro-denominated 'derivatives' (financial instruments) to move from London to the mainland in the wake of Brexit. Such an EU step would be a "serious escalation," he told press Wednesday. "That would be highly controversial and it would be something we would have to and want to resist very firmly," Bailey said.