Brexit

Xavier Rolet warns US could cash in as Bailey blasts ‘fragmented’ EU clearing market

Bank of England governor Andrew Bailey warned about the risks of a fragmented clearing market if the EU and UK cannot resolve their post-Brexit impasse.

Since the UK's official departure from the bloc in December, the UK's once-dominant clearing industry has been under threat, with significant volumes of business moving to the EU after both countries failed to secure a permanent equivalence arrangement.

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