BOE’s Bailey Urges EU to Play Ball on Post-Brexit Clearing
- Governor Andrew Bailey says ‘real threat’ of market disruption
- Bailey warns of digital currency threat to monetary system
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Bank of England Governor Andrew Bailey issued a fresh broadside over the European Union’s post-Brexit plans on clearinghouses, warning any upheaval risked a “real threat” to financial stability.
Speaking in a pre-recorded interview for a Bloomberg conference examining London’s future as a financial center, Bailey urged the EU to decide sooner rather than later whether the city’s dominant clearinghouses can take business from clients inside the bloc, ahead of a temporary waiver lapsing in June 2022.