Esma acts to give UK-based CCPs EU access if ‘hard Brexit’ occurs
Banque de France governor says equivalence must last “no more than a year or so”
The European Securities and Markets Authority is preparing to ensure that European firms still have full access to UK-based central counterparties in the event of a “hard Brexit”, it announced today (November 23).
The move follows the European Commission’s announcement, as part of a wider policy statement, that if the UK left the European Union without a deal, it would work to “adopt a temporary and conditional equivalence decision”, Esma said.
Most of the EU’s centralised clearing takes
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