The world's biggest banks pressed policymakers to pass an urgentBrexit fix, to ensure European traders ongoing access to Londonderivatives clearinghouses and avoid rupturing 61 trillion pounds($78 trillion) in contracts.

The industry's top lobbying associations told the EuropeanCommission, the European Union's (EU's) executive arm, that it mustact fast or risk turmoil when the stopgap solution elapses inMarch. The call echoes pressure on the EUfrom the Bank of England, which has said firms might need to movebusiness out of London as early as next month unless there isclarity.

"We respectfully but urgently request the Commission to providethis confirmation well in advance of the end of December 2019," theFIA, which represents banks, brokers, and other firms in thederivatives markets, said in a letter. The International Swaps andDerivatives Association (ISDA), the Association for FinancialMarkets in Europe, and 11 other industry bodies also added theirsignatures.