European banks are considering whether to begin closing out their trillions of pounds’ worth of derivatives positions in London in the coming months as the UK struggles to finalise an agreement on leaving the EU.
Concern is rising among senior executives that they will lose access to UK clearing houses, which sit at the heart of global market stability. The companies process thousands of securities and derivatives deals a day, standing between parties in a deal and managing the risk to the market if one side defaults on payment.
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