EU defers legal fix to Brexit swaps trading ban on branches
Efforts to address duplicate Mifir trading obligations stymied by UK-EU negotiations
The Council of the European Union has ruled out amending key financial market rules to allow UK branches of EU firms to trade certain over-the-counter derivatives on UK venues at this stage, according to three sources. Instead, legislators will await the outcome of Brexit negotiations before deciding whether to move on a legal problem that will hamper their own investment firms.
“There is some reluctance to fix this issue via the Mifid quick fix while the bilateral negotiations on the future
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