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BANK OF ENGLAND WARNS EU OVER BREXIT RISK TO FINANCIAL STABILITY ("…
BANK OF ENGLAND WARNS EU OVER BREXIT RISK TO FINANCIAL STABILITY
:warning: Urgent need to act -> NO DEAL
Contracts UK-EU
Could be illegal
:<3: UK + EU
:check: Brussel
The EU
:red_cross: ill-prepared to manage the massive influx of derivatives
:red_cross: No contract evolution
Relocation of derivative contracts / “nuclear waste” :question:
Limited progress
Protection of the financial system
Bank of England -> EU
:red_cross: Risks: complex financial contracts
Not adequate planning for Brexit
Rules of EU
to force banks to trade greater volumes
:check: To avoid the confusion of banks going bust
:check: To improve transparency
"The process of clearing"
Transactions through a third party organisation
:red_cross: After Britain exits the EU
Must handle EU banks’ trades
BUT UK organisations handle the bulk of business
The UK
Permissions to grant EU banks access
A growing sense of urgency
Banks's relocations:question: