Euro-denominated clearing is unlikely to be shifted out of the UK following Brexit, a report from ratings agency S&P has said.
Since the UK voted to leave the EU in June, there have been some fears that London institutions could be prohibited from carrying out lucrative euro clearing activities.
While the report highlighted that the European Central Bank (ECB) could well try to move euro clearing out of the UK, the probability of it doing so was low and, even if it were to do so, the process could be complex and take more than two years to complete.
S&P also noted that such a policy shift would be "unparalleled among major global markets".
However, an attempt by the ECB to snatch euro clearing away from London would not be without precedent, as it has already tried to insist these activities be moved into the eurozone in the past. However, the UK challenged this, and, last year, the EU General Court found in the country's favour.
London is home to clearing giants LCH.Clearnet and ICE Clear Europe. S&P warned that, while a change in euro clearing policies would be unlikely to affect such organisations in the immediate future, it would likely eventually lead to "additional costs and lower efficiencies".
A report released by professional services firm EY earlier this week cautioned that 83,000 jobs could be on the line if euro clearing was forced away from London.
Meanwhile, chief executive of the London Stock Exchange Group Xavier Rolet has previously warned moving euro clearing out of the UK could set banks back $77bn (£63bn) in additional collateral.