BoE: New EU-UK derivatives rules needed for Brexit
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....
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