U.K. Urges Finance Execs to Prep For Market Volatility on Brexit
(Bloomberg) - The UK's two financial regulators have called on the industry to finalize preparations for a potentially chaotic Brexit without a deal.
With negotiations between the UK and the European Union still facing obstacles, the Bank of England and the Financial Conduct Authority urged finance managers to take further steps to ensure UK companies continue to trade stocks and derivatives with EU clients easily can.
"Market volatility and disruptions in financial services, especially for customers based in the EU, could occur," the authorities wrote.
While many large customers have done the necessary work to move derivative contracts to the EU departments of banks, according to the letter to executives, much remains to be done. A last-minute move could introduce operational risks and "also increase existing market volatility".
The supervisory authorities also want companies to give customers sufficient notice if their service is discontinued or restricted after the end of the Brexit transition period on December 31.
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