Carney: Germany and France risk Brexit derivatives cliff edge

BoE governor says it is in EU countries’ “interest” to ensure full viability of financial contracts pre-Brexit

Mark Carney
Mark Carney, Bank of England
Photo: Juno Snowdon Photography

The failure of Germany and France to amend rules related to the treatment of some over-the-counter derivatives contracts ahead of the UK’s exit from the European Union could cause unnecessary stress to the European financial system, according to Mark Carney, governor of the Bank of England. Carney calls on European lawmakers to address the matter before October 31.

The UK central bank – which has micro- and macroprudential oversight of the UK financial system, as well as resolution

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