FCA chief calls for EU to extend Brexit clearing exemption



Andrew Bailey: “…the best solution is for the EU to grant permanent recognition of UK CCPs”

The chief executive of the UK Financial Conduct Authority, Andrew Bailey, has said the European Union needs to extend temporary permission for UK clearing houses beyond its planned expiry date of March 30, 2020, to prevent EU clearing members being denied access.

In December 2018, the European Commission adopted an act allowing EU clearing members to temporarily access UK central counterparties for a 12-month period, starting from the original Brexit date of March 2019, in the case of the UK

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