May 16, 2018 / 8:19 AM / a year ago

Brexit clock ticking on cross-border derivative contracts - EU regulator

LONDON, May 16 (Reuters) - It may not be possible for the European Union to legislate in time to avoid disruption in cross-border derivatives contracts in case of no-deal Brexit, a top EU regulator has said.

Steven Maijoor, chair of the European Securities and Markets Authority (ESMA), said the watchdog and national regulators across the bloc are keeping an eye on how the derivatives market is readying for a potential “cliff-edge” departure by Britain from the EU next March.

The Bank of England has said Britain and the EU need to legislate to ensure “continuity” in the stockpile cross-border derivatives contracts worth 26 trillion pounds ($35 trillion) that stretch out beyond Brexit. (editing by John Stonestreet)

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