NatWest kick-starts Brexit swaps transfer

Bank follows Barclays and UBS with plans to continue serving EU clients as ‘no-deal’ looms

NatWest Markets has become the third UK-based dealer to seek court approval for a big-bang transfer of swaps contracts to an EU27 subsidiary, as it seeks to ensure it can continue serving European clients in the event of a no-deal Brexit. Barclays and UBS filed their own plans with UK courts in October.

Other banks are said to have laid the groundwork for the same kind of transfer – described in Part VII of the UK’s Financial Services and Markets Act – which would allow swaps to be moved en