Time running out for EU Brexit temporary permissions regime

UK clearing houses may need to eject EU member positions if BoE scheme is not reciprocated by year-end

time running out - clock - Getty.jpg
There is no time to waste for UK CCPs before Brexit's March 29 deadline

Fears are growing that UK central counterparties (CCPs) may force their European Union clearing members to remove more than £38 trillion notional of existing positions if the European Commission does not provide guarantees within the next four months on temporary recognition for UK clearing houses after Brexit. Such a porting of positions is a mammoth task that market participants say will be hugely challenging to complete between now and March 2019.

The prospect of the UK leaving the EU with

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