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Ensuring the contracts can be serviced after Brexit is among the most urgent issues facing European markets, Sam Woods, head of supervision at the Bank of England, and Financial Conduct Authority chief Andrew Bailey told lawmakers in London on Thursday. At risk are 26 trillion pounds in over-the-counter derivatives and 70 trillion pounds in contracts settled at central clearinghouses, according to the BOE.
“We think the U.K. government and EU authorities need to bring forward legislation to their relevant parliaments to put in a fix,” Woods said in a parliamentary hearing held at Bloomberg’s London headquarters. "We just simply don’t find it plausible based on our previous experience of moving books of this stuff around that it can be done in a confident and complete way even by the end of the implementation period.”