The British seat at the European Union summit had been empty for less than 24 hours before leaders from France and Germany were haggling over one of the U.K. economy's crown jewels: the business that facilitates trading in euro-denominated derivatives.
French President Francois Hollande said Wednesday that clearing operations belong in a country in the Eurozone—like his. "I hope Europe's financial market will get ready for the operations that will no longer be possible in the U.K.," he said in Brussels. German officials countered that Paris is dreaming if it thinks it can beat out Frankfurt, the home of the European Central Bank and Deutsche Boerse AG's Eurex operations.
"It seems wishful thinking from Hollande that this market would move to Paris," Michael Fuchs, a deputy head of German Chancellor Angela Merkel's Christian Democratic Union, said in an interview. "It could also move to Frankfurt."
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