Brexit fears stall regulatory preparations
Banks are waiting for the outcome of the UK’s June 23 referendum before continuing with regulatory implementation – to the detriment of their consulting firms. In the meantime, dealers are coming up with contingency plans that may see them move out of the UK upon a Brexit
Faced with a potential departure of the UK from the European Union, banks are not reacting in the way they have to other dramatic changes in the market. Lawyers have witnessed no changes to derivatives contracts, nor are participants directing their investments elsewhere.
So far, banks have done almost nothing. This is not because they aren't aware of the dangers, but because they don't know who their regulator will be in a month's time. Consequently, regulatory reform is at a standstill while
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