Banks warned on holes in EU’s proposed Brexit relief

Potential EC, French and German no-deal relief is expected to be short-lived and incomplete

There may be 28 signatures on the Withdrawal Agreement, but swaps market participants are being warned to continue preparing for legal obstacles in trades between European Union and UK counterparties in the event of a no-deal Brexit. That’s despite moves from EU rulemakers to soften the blow.

The European Commission, European Securities and Markets Authority (Esma) and national authorities in France and Germany have all announced initiatives in recent weeks aimed at avoiding market disruption