EU Acts To Protect Derivatives Trade From Brexit Upheaval
Law360, London (December 19, 2018, 2:11 PM GMT) -- The European Commission adopted new laws on Wednesday to enable Europe’s banks to continue using London’s clearinghouses for 12 months if Britain crashes out of the bloc, in a major step toward protecting the multitrillion-dollar market in over-the-counter derivatives.
New rules adopted by the European Commission on Wednesday will help to "mitigate financial stability risks," Brussels said as it acted to protect the market in derivatives. (AP) New rules will also give European financial services continued access to London’s central securities depositories, which help to process deals in financial instruments, for a further two years if there is a "hard" Brexit, in...
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