UK 'Optimistic' Over Post-Brexit Euro Derivatives Trading

Law360, London (February 12, 2020, 1:18 PM GMT) -- The U.K. is “cautiously optimistic” that the European Union will grant permission for London clearing houses to continue to process trillions of pounds of derivatives for clients on the continent even after Brexit, a senior Bank of England boss said on Wednesday.

Sam Woods, deputy governor of the central bank, told a House of Lords committee that he hoped EU authorities would grant permission to the London Stock Exchange's LCH clearing house to continue processing euro-denominated derivatives for clients in Europe.

After Dec. 31, if there is no EU ruling beforehand, the £57 trillion ($74 trillion) in derivatives currently processed every...

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