No-deal Brexit could force European swaps trading to US venues

Lack of equivalence between UK and EU regimes would create “conflicting obligations” for large dealers


London branches of banks such as BNP Paribas, Deutsche Bank and Societe Generale will be barred from trading the most liquid interest rate swaps and credit derivatives on platforms in both the UK and European Union unless the two jurisdictions deem each other’s financial regimes as equivalent prior to Brexit. Oddly, the only place they’d be able to trade with EU and UK clients will be on US platforms.

Under a no-deal Brexit, which sees the UK crash out of the EU without agreement over trade

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