Swaths of the UK’s listed derivatives would be redefined as over-the-counter instruments following a no-deal Brexit, hiking costs for European Union end-users and potentially tipping them into a compliance minefield.
OTC and listed derivatives are subject to different sets of rules, with some swaps requirements not translating easily to listed products. In addition, swaps clearing and margining mandates are applied in part by adding up the notional values of a firm’s OTC trades. Converting
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