The EU has long been irked by the dominance of the London Stock Exchange Group (LSEG) in the clearing of euro-denominated interest rate swaps, a contract widely used by companies to hedge against moves in borrowing costs. Its executive European Commission has proposed a draft law that would require banks and asset managers in the EU to have an active account with a clearer based in the bloc - in practice Deutsche Boerse's Eurex Clearing in Frankfurt - to shift business from LSEG to Eurex.