Clearinghouses Call For Longer Buffer After Brexit
Law360, London (November 13, 2019, 12:01 PM GMT) -- Fourteen trade associations have called on the European Commission to extend rules that will allow U.K.-based clearinghouses to temporarily continue serving the bloc’s financial companies if Britain leaves the European Union without a trade deal at the end of January.
Clearinghouses face increased uncertainty as Britain prepares to leave the European Union on Jan. 31. (AP) The trade group, made up of the International Derivatives Association and 13 other financial services associations, said in a letter to the commission dated Tuesday that temporary rules that will allow British central counterparties to clear euro trades if the U.K. crashes out of the bloc...
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