Carney: Brexit could trigger ‘extreme fragmentation’ of EU markets
Lack of agreement on derivatives likely to be more costly for European markets than UK ones, BoE governor says
Bank of England governor Mark Carney has warned a hard Brexit combined with inadequate agreements on financial contract continuity could lead to “extreme fragmentation” of European Union financial markets.
A key point of contention on financial services after Brexit is the continuity of contracts for insurance policies and derivatives. The BoE has repeatedly stressed the need for authorities to intervene, while EU institutions have said they believe firms can handle the issue on their own.
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