EU derivatives decision leaves London in the lurch

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Thu, 2020-11-26 00:44

LONDON: London’s dominance of the multi-billion dollar derivatives market is at risk after a European regulator said on Wednesday that banks in the EU will have to use trading platforms within the bloc once Britain fully leaves the EU on Dec. 31.

The City of London’s unfettered access to the EU, its biggest customer, ends when Brexit transition arrangements expire and Brussels wants trading in euro-denominated derivatives to remain within its jurisdiction or in a country with “equivalent” standards to the bloc.

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