UK to lose more swap trades when FCA Brexit powers expire

Relief granted under temporary transitional powers will end in December 2022 – unless changes are made

Brexit cutoff

London will face further loss of swaps trading activity unless stop-gap powers conferred on the Financial Conduct Authority can be made permanent before they lapse at the end of next year, market participants warn.

“There will be expiries of transitional relief on a variety of fronts – the derivatives trading obligation at the end of next year being one example,” says Christopher Bates, a partner at law firm Clifford Chance. “So, there are cliff-edge changes in the regulatory regime yet to

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