BOE’s Bailey Slams EU Stance on Swaps Clearing After Brexit
- Andrew Bailey speaks during a hearing with U.K. lawmakers
- Bank of England governor says EU moving to ‘location policy’
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Bank of England Governor Andrew Bailey warned the European Union against demanding that euro derivatives are settled by clearinghouses inside the bloc, saying such a move would be a “very serious escalation” and that it would draw a U.K. response.
The EU appears to be moving towards a policy of insisting such trades are located in the bloc, Bailey said during a hearing with U.K. lawmakers on Wednesday.