EU Set to Give Banks 18 Months of Access to U.K. Clearing Giants
- Access until June 2022 removes pressing concern for industry
- European traders to have access to derivatives clearinghouses
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The European Union is set to give finance firms access to U.K. derivatives clearinghouses through the end of June 2022, removing the most pressing concern for the industry ahead of a potentially chaotic end to the Brexit transition period.
The European Commission, the EU’s executive arm, proposed to national governments that British regulations should be seen as sufficient during that period, allowing companies in the bloc to access crucial infrastructure in the country, according to a draft of the decision that was seen by Bloomberg.