Derivatives Industry Asks For Extension To Prepare For Brexit

Law360, London (November 27, 2019, 3:01 PM GMT) -- The global derivatives industry body has called on European Union lawmakers to extend rules designed to protect over-the-counter derivatives trades in case the U.K. leaves the EU without securing a trade deal.

The International Swaps and Derivatives Association said on Tuesday that it has urged the European Securities and Markets Authority and the European Commission to extend a safeguard that the two authorities put in place to prevent OTC derivatives contracts from being subject to additional costs.

The rule allows traders to replace a U.K. buyer or seller of an existing OTC derivatives contract with one based inside the bloc without...

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