US agencies move to protect swaps after week of Brexit chaos

Fed gives legacy swaps a margin break to help fend off risk of contractual limbo

Brexit time

The Federal Reserve and other US agencies have launched measures in a bid to prevent swaps falling into contractual limbo in the event of a no-deal Brexit, as parliamentary gridlock continues in the UK.

Qualifying swaps can be transferred from entities in the UK to counterparts in the European Union or US without triggering extra margin requirements, the US regulators said in a statement published on March 15.

If the UK leaves the EU with no deal, in what the US calls a “non-negotiated

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