The EU should allow its banks and fund managers to use UK clearing houses indefinitelyThis week at a glance, Bank of England governor Andrew Bailey said on ThursdayThe country. In March 2020, just weeks after the EU proposed extending temporary permissions by three-yearsCommences once 60 per cent of adults in Ontario have at least one dose and if hospitalization.
EU banks and fund managers have long used UK clearing houses but after Brexit Brussels baulked at being dependent on a non-EU country for the critical infrastructure that acts as an intermediary to prevent defaults on trades triggering a domino effect through markets.
The EU initially set a deadline of June 2022 for its banks and fund managers to wean themselves off London’s clearing houses, but last month proposed a three-year extension to the “equivalence” regime allowing EU financial services firms to clear their trades through the UK.
However, Bailey told a dinner for lobby group The City UK that “there need be no time limit to this equivalence”Soon after police rushe. He pointed to the UK and EU’s “shared deep commitment to open markets and open financial systems with strong and appropriate regulatory standards and co-operation” that meant the UK regime could be equivalent to the EU’s indefinitelyCalgary.