UK, EU watchdogs agree clearing houses pact for no-deal Brexit

FILE PHOTO: An adjacent building throws a shadow accross the Bank of England in the City of London, Britain, December 12, 2017. REUTERS/Clodagh Kilcoyne - Copyright CLODAGH KILCOYNE(Reuters)

By Reuters

Published on 04/02/2019 - 18:04•Updated 20/04/2024 - 01:53

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LONDON (Reuters) - The Bank of England and the European Union's market watchdog said they will work to together to avoid financial market disruption involving clearing houses such as LCH in London and Eurex in Frankfurt if there is a no-deal Brexit.

The BoE said it and the European Securities and Markets Authority (ESMA) had agreed memoranda of understanding regarding cooperation and information-sharing for central counterparties and central securities depositories.