Contracts worth £45 trillion which had their legal status thrown into doubt by Brexit have dodged a cliff edge, thanks to last minute legal provisions from the EU Commission. The move follows months of lobbying by UK regulators with Brussels. The Bank of England has repeatedly warned that disrupting the derivatives market was one of the most significant threats to financial stability generated by Brexit. While the UK government moved to ensure contracts between UK and EU counterparties would still have legal clout in the event of a ‘no deal’ Brexit, Brussels had not done likewise until now. The deadline, as clearing houses must give three months’ notice if a contract will be closed or transferred,… To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium Access one Premium article per week Register for free Register for free to continue reading this article Register Or unlock all Premium articles, free for 30 days Start trial Already have an account? Login Want to learn more? View all subscriptions
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