Brexit fears stall regulatory preparations

Dealers waiting until August to implement key FRTB decisions

Would market participants still have full access to EU financial markets from London post-Brexit?

Faced with a potential departure of the UK from the European Union, banks are not reacting in the way they have to other dramatic changes in the market. Lawyers have witnessed no changes to derivatives contracts, nor are participants directing their investments elsewhere.

So far, banks have done almost nothing. This is not because they aren't aware of the dangers, but because they don't know who their regulator will be in a month's time. Consequently, regulatory reform is at a standstill while

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