New York wins Brexit swaps shake-up as clearing stays in London

 Brexit forced Britain to relinquish 2.3 trillion pounds ($3.25 trillion) in monthly derivatives trading, leaving New York the global winner in a shake-up of that market, consultants Deloitte and data company IHS Markit said in a report on Tuesday.

Britain left the European Union's full legal orbit on Dec. 31 and the UK financial sector's access to the bloc is now limited.

Banks and other market participants in the EU are no longer allowed to use platforms in London to trade swaps, while Brussels has given the United States permission to serve EU investors.

Initial figures in January showed that chunks of trading in interest rate swaps left London for EU and US platforms, and the report on Tuesday confirmed that trend has become embedded.

Read more: https://www.reuters.com/business/finance/new-york-remains-winner-brexit-derivatives-migration-2021-05-11/

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