In this Federal Trust video, the financial analyst Graham Bishop and the Chairman of the Trust, John Stevens, discuss the likelihood and the significance of the City of London losing its approximately €100 trillion Euro derivatives clearing business to the Eurozone by 2025.

Among other implications, the loss of its status as the main Euro clearing centre might also put in jeopardy its role as the leading global US Dollar hub.

or in the player below:


Graham Bishop is an independent consultant on European political, financial, economic and budgetary integration as well as the founder of He is also a member of the Council of the Federal Trust and, he says, a ‘dedicated Europhile’. He has been a fixture in the City since 1972, beginning with Phillips & Drew and ending with Citi where he was a European bond analyst. Adviser to the Co-Chief Executives in Europe on European Financial Affairs.
Graham’s Submission to House of Lords Enquiry “The future of cross-border financial services in the absence of equivalence”.

John Stevens is the Chairman of the Federal Trust and a former Conservative MEP.