City Says Hard Brexit Will Create 'Serious Challenges'

Law360, London (September 30, 2019, 2:17 PM BST) -- A hard Brexit will create “unresolved issues” and "serious challenges" for financial services companies, including in cross-border contracts, uncleared derivatives and reporting data on trades, the body that governs the U.K.’s financial center said Monday.

The City of London Corporation, which manages the capital’s Square Mile of financial firms and professional services, warned the government that a no-deal divorce for Britain will create "cliff-edges" for banks and other finance firms on both sides of the Channel. Britain's arrangements with the bloc on financial contracts and trades will end on Oct. 31 if the government fails to secure an agreement with Brussels, causing...

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