Brexit: listed derivatives face OTC mutation

No-deal would flip EU27 users into different regime for UK-listed trades

LME warned customers that futures could be treated as OTC “from an EU law perspective”

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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