Clearing Houses and Brexit: Clearing out 打扫房间与脱欧：清除出去

　　New European proposals might force Euro clearing out of London. 新欧盟提案考虑转移伦敦欧元清算业务。

　　Brexit has thrust a mundane, if crucial, bit of financial-market plumbing into the spotlight: the clearing of financial instruments. 若至关重要，英国脱欧将使一个些许世俗化的金融市场开始关注这个焦点：金融工具结算。

　　Clearing-houses sit in the middle of a securities or derivatives transaction, and ensure that deals are honoured even if one counterparty goes bust. 清算所处在证券交易和衍生品交易的中间环节，并确保交易的兑现，即使其中一个交易方破产。

　　In November a study commissioned by the London Stock Exchange (LSE) warned that if euro clearing was forced out of the City,  今年十一月，伦敦证券交易所(LSE)委托进行的一项研究警示，如果欧元区结算被迫退出该市，

　　83,000 British jobs could be lost, and a further 232,000 affected. 英国将失去83000个就业机会，另有232000个会受影响。

　　On May 4th the European Commission said it was looking into new rules for euro-denominated clearing. 5月4日，欧盟委员会表示正在研究欧元计价结算的新规则。

　　One option is relocation from London, an idea greeted in the City with a mixture of incredulity, disdain and fear. 一种选择是从伦敦搬迁，这个想法以夹杂着怀疑，不屑和恐惧的态度受到该市的欢迎。

　　In the wake of the financial crisis, the G20 group of big economies made it mandatory to settle most simple derivatives trades through clearing-houses. 金融危机之后，20国集团经济体强制规定，通过清算所解决最简单的衍生品交易。

　　By 2016, 62% of the notional $544trn global over-the-counter derivatives market was settled in this way. 到2016年，名义上全球54400亿美元直接交易衍生品市场的62%都是以这种方式解决的。

　　Globally, London handles 37% of foreign-exchange derivatives and 39% of interest-rate derivatives, including three-quarters of those in euros. 全球范围，伦敦处理了37%的外汇衍生品和39%的利率衍生品，包括那些在欧元区的四分之三。

　　So unsurprisingly, it also dominates clearing. 因此毫无意外，它也主导清算业务。

　　LCH, a clearing-house that is part of the LSE, clears over 50% of all interest-rate swaps across all currencies. 伦敦清算所(LCH)隶属于伦敦证券交易所(LSE)，在所有货币交易中，清算超过50%的利率掉期。

　　Around 75% of those in euros are cleared in London. 在欧元区的约75%也是在伦敦清算的。

　　But centralising clearing concentrates risk: the failure of a clearing-house would be disastrous. 但是集中结算也集中了风险：一家清算所的倒闭结果将是灾难性的。

　　So clearing-houses require collateral from the counterparties using them, and must submit to close supervision. 因此，清算所要求从交易对手所使用的做抵押品，而且必须提交至严密监管。

　　The European Central Bank has long worried that it has no direct control over euro-denominated clearing outside the euro area,  欧洲央行一直担心，它并没有对欧元区以外的欧元计价结算直接控制，

　　yet any problems would embroil banks and payment systems within it. 但是出现任何问题都会使银行和支付系统卷入其中。