Free Republic

Europe stepped up preparations for a no-deal Brexit on Monday after giving key parts of the City of London temporary access to EU customers in the event of a cliff-edge departure. The European Securities and Markets Authority, the EU financial regulator, has granted three UK-based clearing houses — LCH, ICE Clear Europe and LME Clear — licences to carry on doing business with European-based customers over the next 12 months even if politicians fail to strike an agreement. London dominates clearing for derivatives traded by European customers and clears nearly all over-the-counter derivatives, mainly interest-rates swaps, traded in euros. Clearing...