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$78 Trillion Derivatives Spat Needs Fix Now

Associations representing the world's largest banks press EU policymakers to finalize a Brexit roadmap for derivatives trading, and stat.

By Silla Brush | November 12, 2019 at 03:06 PM

The world’s biggest banks pressed policymakers to pass an urgent Brexit fix, to ensure European traders ongoing access to London derivatives clearinghouses and avoid rupturing 61 trillion pounds ($78 trillion) in contracts.

The industry’s top lobbying associations told the European Commission, the European Union’s (EU’s) executive arm, that it must act fast or risk turmoil when the stopgap solution elapses in March. The call echoes pressure on the EU from the Bank of England, which has said firms might need to move business out of London as early as next month unless there is clarity.

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