Standards Setter Urges EU To Copy UK's Temp CCPs Regime

Law360, London (November 7, 2018, 8:24 PM GMT) -- The European Union must approve a temporary system to allow U.K. central counterparties to continue operating within the bloc after Brexit — or else thousands of contracts will have to move to EU clearinghouses at great risk and expense, the International Swaps and Derivatives Association warned Tuesday.

The U.K. has already said it would set up a temporary regime to grant permission to clearinghouses once it no longer falls within the EU umbrella, and ISDA said the EU would need to agree on a similar deal by December to fill the gap while U.K. clearinghouses seek authorization from Europe's securities watchdog....

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