Amid the confusion surrounding the date MPs will vote on the prime minister’s Brexit deal at the time of writing, there looked to be some certainty for the City of London’s derivatives clearing houses. A draft agreement from Brussels will grant European derivatives traders temporary access to London’s clearing houses for 12 months in the event of a no-deal Brexit. A no-deal exit would put around £45 trillion of swap positions at risk, according to the Bank of England. Without equivalence rights, EU banks and brokers would not be able to use UK venues to trade derivatives.
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