Regulators from London to Washington welcomed the decision by officials in Brussels on Wednesday to adopt a plan to stabilize derivatives markets in the event of a no-deal Brexit.
Clearinghouses in the U.K., which had privately warned that they’d soon have to start kicking out EU-based clients, said that the European Commission’s fix was enough to continue their service after Britain’s scheduled withdrawal on March 29. The move allowing EU banks to use clearinghouses in the U.K. for 12 months even in the case of a messy divorce was a "crucial and positive step," the Bank of England said in a statement. "It provides necessary clarity and addresses one of the most important financial stability risks associated with the U.K.’s withdrawal from the EU."
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