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LONDON: The Intercontinental Exchange is considering shifting the clearing of contracts that underpin gobal debt markets away from London, two industry sources said on Wednesday.

A potential relocation to Chicago is being evaluated, the sources said of a move that could stoke fresh concerns about Britain’s post-Brexit role in global finance.

Clearing has become a politically sensitive topic since Britain left the European Union, with Brussels saying that UK-based clearing houses such as ICE Clear Europe and the London Stock Exchange’s LCH would no longer be able to serve customers in the bloc after June 2023.

The EU wants to build autonomy in clearing and end heavy reliance on London.

ICE, owner of the New York Stock Exchange and a futures exchange in London, is a major clearing house for credit default swaps (CDS) contracts, which are widely used by banks and investors as insurance against companies defaulting on bonds.

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