BoE warns of potential disruption to clearing business for EU firms

Fragmentation of market-based finance could result in greater costs and risk for European Union and UK companies

The Bank of England
Bank of England: UK-based CCPs clear about 90% of eurozone banks’ euro-denominated interest rate swaps and 40% of their euro-denominated credit default swaps

Financial services such as derivatives clearing face potential disruption as a consequence of the UK’s withdrawal from the European Union, the Bank of England (BoE) has warned.

In its Financial Stability Report, published on June 27, the central bank’s Financial Policy Committee (FPC) – responsible for ensuring the UK financial system is resilient to the wide range of risks it faces – said there could be material dislocation of some services supplied from the UK to the EU.

With more than half

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