EU sets out post-Brexit rules for derivatives clearers - draft EU document

LONDON (Reuters) - Banks and other market participants in the European Union will have to prove to regulators that they are not overly-reliant on clearing houses in London for processing their derivatives transactions, an EU draft document seen by Reuters showed.

"It is appropriate to require financial counterparties and non-financial counterparties... to hold, directly or indirectly, accounts with a minimum level of activity" at clearing houses established in the EU, the draft said.

(Reporting by Huw Jones; Editing by Gareth Jones)