London-based banks face ECB Brexit power grab

Drive to supervise swaps books from Frankfurt threatens cross-border balance sheet management

Limiting exploitation: we will need to keep a close eye on back‑to‑back booking, says Daniele Nouy

Market participants fear the European Central Bank’s single supervisory mechanism (SSM) is using Brexit as an opportunity to consolidate the supervision of swaps trading in the European Union, potentially fragmenting balance sheet management.

SSM chair Daniele Nouy issued a warning about “regulatory arbitrage” in a speech on September 15 – specifically the need to avoid banks seeking to exploit differing rules between European jurisdictions. She explicitly indicated it was a priority topic in

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