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Bank of England warns of Brexit hit to derivatives market
Yesterday the Bank of England warned that a no-deal Brexit could hit London's enormous derivatives market.
Broadly, derivatives are insurance contracts, and if the UK and EU regulatory environments diverge too much after March 2019 there could be trouble, says Simon French, chief economist for Panmure Gordon.
EU-based firms hold derivative contracts worth a whopping £41tn at UK clearing houses, the Bank warned - so both sides stand to lose out from no deal.
It wants “timely action” by EU authorities to avoid "immediate adverse impacts", as this FT article sets out.
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