BoE’s Woods ‘cautiously optimistic’ on EU-UK clearing agreement

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By Ross Lancaster
12 Feb 2020

Sam Woods, deputy governor at the Bank of England and chief executive of the Prudential Regulatory Authority, this week said he expects an equivalence agreement between the European Union and the UK to be extended beyond September, as both sides want to avoid a “dramatic” fallout.

Speaking at the House of Lords’ EU Financial Affairs Sub-Committee, Woods flagged three issues that UK regulators had worked on to prepare for a no-deal Brexit that could occur when the transition period for the UK’s exit from the EU ends.

These were central counterparties, uncleared derivatives positions, ...

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