EU Shields UK Clearinghouses From Hard Brexit Breach

Law360, London (April 5, 2019, 12:09 PM BST) -- Britain’s three clearinghouses, which play a vital role in the multitrillion-dollar market in unlisted securities, will be able to continue serving customers in the European Union if the country crashes out of the bloc on April 12, a European regulator said on Friday.

The European Securities and Markets Authority said it has adopted decisions to recognize LCH, ICE Clear Europe and LME Clear if Britain leaves the EU next week without a trade deal or transitional arrangement. ESMA has also extended its protection to the U.K.’s central securities depository, Euroclear UK and Ireland, which also helps to reduce risk in the...

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