After months listening to the U.K. warn about the risks posed bya no-deal Brexit, European Union (EU) financial regulators are nowstepping up plans to avert a market meltdown.

Daniele Nouy, the European Central Bank's (ECB's) head ofsupervision, set an assuring tone on Thursday when she said the ECBis “ready to help ensure a smooth Brexit—no matter the outcome ofthe political negotiations.” And she's not alone. The EU's topmarkets cop called on Brussels to guarantee that the bloc's banksdon't lose vital access to London's clearinghouses in a disorderlydivorce.

That's a change, because up to now the EU has largely said thatpreparing for a cliff-edge Brexit, with no transition to givegovernments and financial firms time to adjust, is the industry'sresponsibility. Nouy and Steven Maijoor, chairman of the EuropeanSecurities and Markets Authority (ESMA), signaled that EUinstitutions would take action if needed.

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