TheCityUK supports Bank of England calls for EU action on clearing

The Bank of England has warned that as much as £41trn of derivatives contracts maturing after Brexit are at risk unless European officials address regulatory uncertainty.

Miles Celic, Chief Executive Officer, TheCityUK, said,

The industry is taking every action to prepare for a no-deal Brexit. The Bank of England is right that issues like contract continuity in clearing and insurance require additional support from regulators and legislators across the EU. This is critical to ensuring wider European financial stability and for providing certainty to customers and clients across Europe.”