Esma head issues Brexit warning over UK CCPs


Steven Maijoor

Esma chief Steven Maijoor

London’s LCH is expected to start serving cancellation notices to around a third of its SwapClear members before year-end if no arrangement is made for European Union firms to continue using the world’s biggest swaps clearing house after Brexit.

Under the terms of LCH’s rule book, members could be given just three months to transfer an estimated £38 trillion ($49 trillion) in swaps notional to alternative venues. The scenario has been widely discussed by banks and other clearing houses in recen

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