UK not heading for derivatives cliff edge after Brexit, say EU officials

European officials have said there will be no cliff-edge drop for derivatives markets if Britain leaves the EU without a deal.

Olivier Guersent, an aide to the bloc’s head of financial services, told a Politico event: “There is no cliff edge.”

He made the remarks after his boss, Valdis Dombrovskis, had said that derivatives clearing was an area of concern.

However, Dombrovskis said the private sector should move its contracts from London to the EU to mitigate risks before Brexit.

He said the EU could consider new regulations after a report, expected to be published in the coming days.

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