Nicky Morgan emphasises City commitment after French flirtations
As the prospect of a ‘hard Brexit’ looms over the City of London, UK politicians are facing the humiliating prospect of losing financial market primacy to Paris. The derivatives market is one area where participants are actively looking across the Channel, worrying Nicky Morgan, chair of the UK parliament’s Treasury Select Committee.
The International Swaps and Derivatives Association (ISDA) has begun to sound out market participants about alternative governing law clauses for the ISDA master agreement that could be used in the case of a hard Brexit, with two European jurisdictions being considered as alternatives to England’s legal system.
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