BoE calls on EU to act on Brexit stability risks
Failure to act could disrupt $90 trillion of derivatives contracts, central bank warns
The Bank of England has increased its calls for the European Union to take action to reduce the risks from Brexit, warning as many as $90 trillion in derivatives contracts could be affected.
Without action from the EU, £69 trillion ($90 trillion) in derivatives contracts will need to be transferred or closed out before Brexit goes ahead in March 2019, says the latest statement by the Financial Policy Committee, published today (October 9).
“Timely action by EU authorities is needed to mitigate
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