A no-deal Brexit will be no picnic — especially for Britain’s lucrative financial services industry.
That was the warning from the European Commission Wednesday, laid out in its emergency contingency plans for a no-deal scenario, 100 days before the U.K. is due to leave the EU.
Commission officials said they had made only the most basic provisions for business-as-usual to continue in the financial sector — as regards the central clearing of derivatives, certain over-the-counter derivatives contracts, and central depository services.
For everybody else, it’s potentially lights out — a message that Brussels wants banks, insurance companies, asset managers, and the rest to …read more
Source: European Voice
