EU action on clearing is not enough, says BoE

Bank of England BoE adobe stock 230x150
By Costas Mourselas
30 Nov 2018

The Bank of England's Financial Policy Committee on Thursday said that recent assurances from the European Commission on derivatives clearing were not enough to alleviate hard-Brexit disruption.

EU firms hold a notional amount of €60tr derivatives contracts at UK clearing houses, according to the Bank, and without "greater clarity", EU clearing members would have to transfer or close out those contracts by Brexit day. 

If the United Kingdom leaves the European Union without a deal next ...

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