Banks and other financial market participants in the European Union will have until mid-2022 to cut their 'excessive reliance' on derivatives clearing houses in Britain, the bloc's executive European Commission said on Monday.
LONDON - Banks and other financial market participants in the European Union will have until mid-2022 to cut their “excessive reliance” on derivatives clearing houses in Britain, the bloc’s executive European Commission said on Monday.
Britain, which hosts Europe’s biggest financial hub in London, left the EU in January and its unfettered access to the bloc ends in December.
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