Day one of a no-deal Brexit: swaps and chaperones

Banks, trading platforms, repositories tee up EU entities – and dread the repapering crunch that would follow

Risk 1018 Lead story Stephen Lee
Stephen Lee,

Picture the scene: it’s late in the afternoon on March 29, 2019. An ashen-faced, sleep-deprived UK politician – the country’s Brexit secretary – exits a meeting with his European Union counterpart, Michel Barnier, to tell waiting cameras that last-ditch efforts to salvage a deal on the UK’s withdrawal have failed. It’s the scenario everyone had feared – a crash-and-burn Brexit, in which the UK suddenly goes from being part of the world’s biggest free-trade zone to an outsider with no special

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