Draft documents suggest that the European Commission is working on a plan to allow London’s clearing houses to continue to serve EU banks in case the UK leaves the bloc without a Brexit deal.

The draft rules, which were seen by Financial News, would enable a “temporary and conditional equivalence” decision to recognise critical financial infrastructure based in the UK, including clearing houses. Similar equivalence plans for Central Securities Depositories, which enable settlement of trades, are also referred to in the documents.