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The drab world of derivatives clearing, the financial plumbing designed to deliver $400 trillion of annual trades safely, was never supposed to be an emotive issue.

But that depended on regulators preserving the post-2008 spirit of global cooperation. With Brexit inflaming rhetoric between the United Kingdom, United States, and Europe, banks and exchanges are doing their best to prepare for the worst. The risk of the world’s financial plumbing breaking down along national lines, triggering extra cost and disruption, is becoming real.

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