ESMA: European banks need London clearing for Brexit risks
Uncertain outcome of Brexit negotiations pose great political risk to EU financial markets, ESMA warns
European Union banks need access to London's clearinghouses to manage the potential market turmoil of a no-deal Brexit, and lawmakers in Brussels should make sure they have it, according to the bloc's financial watchdog.
Steven Maijoor, chairman of the European Securities and Markets Authority, said a transitional access deal is needed so EU banks and trading venues aren't cut off from firms such as LCH, the most important clearinghouse for euro-denominated interest-rate swaps.
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