The European Union’s battle over London’s financial services sector risks dragging an unexpected player into the fray: Uncle Sam.

That’s what could happen if French or German leaders attempt to pry away the some US$533 trillion of swaps cleared by London Stock Exchange (LSE) Group Plc’s LCH unit annually. In a sign of how badly the EU wants London’s financial turf post-Brexit, talks are already underway within the EU to limit euro clearing outside their jurisdiction, a move that would affect the U.S. too, LSE chief Xavier Rolet said Wednesday.

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