Deutsche Bank Urges Post-Brexit Contract Fix That EU Rejected

Europe needs to urgently address the risk that Brexit poses to trillions of dollars of financial contracts, Deutsche Bank AG’s head of regulation said after European Union authorities indicated that they wouldn’t take action.

The continuity of contracts has emerged as a major Brexit issue because existing agreements rely on firms having the authority to do business across the 28-nation EU. Once the U.K. leaves, those rights will probably fall away, leaving firms unable to service cross-border contracts.