New Brexit carve-out urged for legacy EU cleared swaps

Risk and default management of grandfathered portfolios required in any clearing relocation plan

Knock-on effects: grandfathering legacy portfolios is not enough to smooth the impact of Brexit on clearing

Grandfathering existing portfolios of cleared swaps from proposed European Union rules that may force the relocation of clearing houses away from London after Brexit would not be enough to ensure a smooth transition, market participants are warning.

The European Commission (EC) has proposed an amendment to the European Market Infrastructure Regulation that could see third-country central counterparties, which handle very high volumes of trades for EU firms, forced to relocate those operations t

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