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Tuesday, May 24, 2022

UK, EU watchdogs agree clearing houses pact for no-deal Brexit

UK, EU watchdogs agree clearing houses pact for no-deal Brexit© Reuters. British and EU flags flutter outside the Houses of Parliament in London

LONDON (Reuters) – The Bank of England and the European Union’s market watchdog said they will work to together to avoid financial market disruption involving clearing houses such as LCH in London and Eurex in Frankfurt if there is a no-deal Brexit.

The BoE said it and the European Securities and Markets Authority (ESMA) had agreed memoranda of understanding regarding cooperation and information-sharing for central counterparties and central securities depositories.

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Source: Investing.com

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