You’ve got a Frandt: banks set to port EU clearing rules to UK

FCMs set to adhere to higher standard on commercial terms for swaps clients

Financial Conduct Authority
Photo: M4OS Photos/Alamy

Banks say they will offer their UK clients the same rights afforded them under new European Union clearing rules designed to ensure equal access to swaps clearing, despite the UK so far declining to draw up parallel requirements.

“It’s just a matter of book-keeping simplicity,” says a sales source at a European clearing bank. “Why would we do anything differently for UK clients, since [the EU rules are] not going to put the clearing broker in a worse position?”

An update to the European Market

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