British Banks Are Getting a Last-Minute Break From the EU
- National governments act to protect contracts worth trillions
- Measures add to Brexit preparations underway on EU level
This article is for subscribers only.
The City of London is getting a last-minute break from politicians across the European Union intent on averting chaos in financial markets in the event of a no-deal Brexit.
Countries including Germany, the Netherlands, France, Italy and Sweden are readying national legislation that would help bankers continue to service the 18 trillion pounds ($23.4 trillion) of derivatives contracts that could be disrupted if the U.K. leaves the EU without an agreement. The Dutch legislation may even enable brokers and high-speed traders to conduct new business from London, for a while.