BoE: New EU-UK derivatives rules needed for Brexit

Bank of England fotolia
By Costas Mourselas
28 Nov 2017

The Bank of England’s Financial Policy Committee on Tuesday called for UK and EU legislation to guarantee cross-border derivatives contracts, estimating that £26tr worth of uncleared derivatives could be affected by the fallout of Brexit.

The problems could arise if there is no agreement on financial services passporting rights between the European Union and the UK after Brexit. This would mean that affected companies would be unable to service uncleared over the counter derivatives contracts with counterparties in the corresponding, and separate, jurisdiction. 

...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.