Brexit: banks consider four ways to move swaps en masse

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The Brexit clock is ticking and with no deal on the table, London-based banks are facing up to a growing reality that trillions of euros in legacy swaps may need to be moved to European Union entities in order for EU clients to continue to be able to manage existing trades.

It is a mammoth task that may require fast action as banks cannot count on a transition arrangement that would buy them extra time beyond the March 2019 withdrawal date. Novation is one way of Brexit-proofing swaps, but the

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