Economics
BOE Pushes for No-Deal Brexit Clearing Fix From EU Within Weeks
- Cunliffe says certainty needed on legislation by mid-December
- Disagreement remains on uncleared derivative risk, Carney says
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The Bank of England turned up the pressure on the European Union to deliver legislation within weeks to avert a breakdown of access to London’s crucial financial infrastructure in a no-deal Brexit.
“By early to mid-December, there would have to be enough certainty about the form of the legal instrument” the EU will use to ensure U.K. clearinghouses can continue serving clients in the bloc in the event of a disorderly divorce with no transition period, BOE Deputy Governor Jon Cunliffe told lawmakers in London.