BoE to authorise EU CCPs ‘at 00:01’ on Brexit day

Central bank hopes plan to preserve access for EU CCPs will be reciprocated

BOE-midnight

The Bank of England is hoping its plan to green-light access for non-UK clearing houses “at one minute past midnight” on the day the country leaves the EU will be reciprocated by European authorities.

“By setting out our approach, we’ve said what we think a good answer is. It’s obviously up to the EU how it chooses to approach third-country entities from the UK,” said David Bailey, director of financial market infrastructure (FMI) at the BoE in London.

“We’ve historically been a big supporter

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