Brexit unlikely to mean loss of City's role in processing deals in euros

London likely to remain home of 460tn-a-year business, according to analysis by ratings agency S&P

One of the City's most prized businesses - the way that financial products priced in euros are processed - will not be lost to the remaining members of the European Union as a result of Brexit, according to the ratings agency Standard & Poor's.

The costs associated with moving the clearing of complex financial instruments to another financial centre means London is likely to remain the home of the 460tn-a-year business, S&P said.