EU Gives UK Clearinghouses Longer Brexit Buffer

Law360, London (November 15, 2019, 3:31 PM GMT) -- The European Commission said Friday it will give U.K.-based clearinghouses more time to seek to continue serving European Union markets if Britain leaves the bloc at the end of January.

Commission Vice President Valdis Dombrovskis said the body plans to extend the existing March deadline for clearing houses to gain recognition — or equivalence — as a so-called third country from EU lawmakers after Britain leaves the union.

The deadline gives clearinghouses, which absorb risk between buyers and sellers in the market in over-the-counter derivatives trading, two months after the Jan. 31 exit day to seek recognition.

But Dombrovskis said in...

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