UK tiptoes away from Europe on bank CDS transparency

Only a small number of instruments are affected, but some worry it will distort competition

UK government ministers have spoken of Big Bank 2.0 for the City of London. In reality, regulatory divergence from the European Union since Brexit has been minimal. But step by step, gaps are opening up. The question for market participants is whether the differences are sufficient to alter the competitive landscape.

The latest sign of the UK going it alone concerns reporting rules for credit derivatives referencing global systemically important banks (G-Sibs). A UK regulator has now indicated

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