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
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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