London Will Lose Status as Clearing Hub: Hollande

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French President Francois Hollande pointed out a loss of status for London on Wednesday, as the city will lose the advantages of the EU's single market following a Brexit.

Last year, a court in Luxembourg allowed euro-denominated trades to be cleared in London, and Hollande pointed out that this advantage would be lost with the exit from the single market.

"The city, which could make its clearing operations in euro won't be able to do so any more," Hollande said.

He added that when the country leaves the EU's single market, it will lose "the advantages that come with it".

"The UK has said it doesn't want any more freedom of movement," Hollande said.

The European Parliament was Tuesday's venue for UK Prime Minister David Cameron's probable last rendez-vous with his European colleagues.

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