Caveats and slapped wrists in Barclays’ Brexit swaps switch
Judge blocks transfer of some trades from non-deposit taking entity and slams “unrealistic” timeline
Some clients were left behind when Barclays won High Court approval for a cut-and-paste transfer of derivatives from London to a subsidiary in Dublin on January 29.
The ruling will help around 5,000 of the bank’s EU27 clients retain access to services in the event of a no-deal outcome to Brexit negotiations, but limitations enforced by judge Richard Snowden mean a bilateral negotiation may be unavoidable for some clients seeking to move contracts out of London.
Snowden said the bank’s QC had
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