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Row Over Brexit Harms Derivative Trading, French Watchdog Argues

  • AMF chief says it’s damaging to insist trades stay within EU
  • European banks may lose business to rivals in London and U.S.
Robert Ophele speaks at an event.
Robert Ophele speaks at an event.Photographer: Kiyoshi Ota/Bloomberg

France’s top markets regulator said Brexit threatens to push derivatives away from Europe toward London and the U.S., calling for major changes to European rules to prevent an exodus.

With just six weeks until Britain leaves the European Union with or without a deal, Robert Ophele, chairman of France’s Autorite des Marches Financiers, used a speech in London to argue that the EU risks self-harm unless it gives firms more leeway to trade derivatives in the U.K. He joins British regulators in calling for a solution that keeps markets moving.